- Levi Strauss filed for an initial public offering Tuesday.
- The denim company plans to list on the New York Stock Exchange with the ticker "LEVI."
- CNBC previously reported that the company is aiming to raise between $600 million and $800 million.
Levi Strauss filed the paperwork for an initial public offering Wednesday.
The iconic denim company plans to list on the New York Stock Exchange with the ticker "LEVI."
According to its SEC filing, the San Francisco-based company plans to raise $100 million through the IPO, a placeholder amount used to calculate fees, but CNBC's Leslie Picker previously reported that the company is aiming to raise between $600 million and $800 million.
Levi's said that it plans to use the proceeds from going public for "general corporate purposes," including working capital, operating expenses and capital expenditures. According to the filing, the company sees the opportunity to expand its presence in emerging markets such as China, India and Brazil.
A portion of the proceeds could go to acquisitions or other strategic opportunities, but the company said that it has no current plans to do so.
Levi's reported revenue of $5.58 billion and net income of $283 million during 2018.
Goldman Sachs, J.P. Morgan, Bank of America Merrill Lynch, Morgan Stanley, Evercore ISI, BNP Paribas, Citigroup, Guggenheim Securities, HSBC, Drexel Hamilton, Telsey Advisory Group and the Williams Capital Group are underwriting the IPO.
After the public offering, Levi's will have both Class A and Class B common stock. Class B shareholders will get 10 votes for every Class A vote.
Levi's went public for the first time in 1971, but descendants of the founder took the company private again in 1985. Since then, the company has struggled in the face of changing fashion trends and a highly competitive landscape but has staged a comeback since Chief Executive Officer Chip Bergh took the reins in 2011.
Levi's spokeswoman Amber McCasland declined to comment, citing SEC rules that prohibit formal discussions ahead of the filing.