Levi Strauss reports $ 6.5 billion in stock market performance

Levi Strauss will be worth about $ 6.5 billion when the denim maker will join the stock market after 34 years of absence.

The actions of the inventor of blue jeans were listed at $ 17 each, just above the target range of $ 14 to $ 16.

Levi's sold $ 623 million worth of shares to institutional investors before allowing the public to buy 166-year-old shares of the company on Thursday.

The Haas family, descendants of founder Levi Strauss, sold shares valued at approximately $ 357 million.

The company will be listed under the symbol LEVI on the New York Stock Exchange and the stock price has been evaluated at the high end of the range of $ 14 to $ 16.

Levi's wish to continue to grow the company, from men's jeans to a larger number of women's products, as well as to the development of its advanced activities.

• Levi's ride 1980 trend from denim to market

The company also said, "We believe we have a significant opportunity to deepen our presence in key emerging markets, such as China, India and Brazil, in order to generate long-term growth ".

Jeans have regained their popularity in recent years, following the "althleisure" trend, when people chose to wear jogging bottoms and leggings instead of denim.

In 2017-18, global sales of jeans grew by 4.3%, according to Euromonitor International, a market research provider.

In the United States, after four years of declining demand, sales rose 2.2%.

The founder, Levi Strauss, settled in San Francisco in 1853 during the California Gold Rush, opening a haberdashery business. But he found gold when, in 1873, a partner and himself got a patent for the use of rivets for garment making, which increases its durability.