Some of the jean company's efforts over the past few years to solidify its connection with customers include a presence at U.S. festivals and sporting events. In 2017, singer Beyonce wore the brand's cutoff shorts for her headline performance at the Coachella music festival
The 166-year-old company first went public in 1971, but has been private for the last 34 years. The offering will give the descendants of its founders a chance to cash out some of their holdings. According to the prospectus, members of the Haas family will sell more than 21 million shares in the IPO.
The family, though, will continue to hold nearly 81 percent of voting power, through the company's dual share structure. The family, through "Class B" stock, will have 10 votes for every 1 vote of common "Class A" shares.
Levi Strauss has said in its IPO documents filed with regulators that it plans to use proceeds from its offering to invest further in its business, including potential acquisitions or strategic investments. As of its IPO filing, it had no immediate plans for investments or acquisitions.
Levi Strauss' IPO won't be the last chance for public investors to buy shares in a jean company this year. VF Corp plans to spin off its jeanswear business, which includes Wrangler, Lee, Rock & Republic, into a new public company called Kontoor Brands in the first half of 2019. VF's remaining brands, which include Vans, The North Face, Timberland and others, will remain under the VF Corp parent company.
Gap, meanwhile, is planning to spin off its Old Navy brand into its own publicly traded company, leaving the Gap brand, Banana Republic, Athleta, Intermix and Hill City under the parent company with a name still to be determined. Both new companies will sell jeans, along with other apparel.
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