Levi Strauss & Co fetched a higher price than expected in its initial public offering (IPO) on Wednesday, selling $623.3 million in shares as the U.S. jeans maker looks to return to the stock market after 34 years.
The Americans jeans maker said on Monday it expects to raise as much as $587 million through an initial public offering, giving it a value of up to $6.17 billion as it returns to the market after three decades.
The Ohio-based lifestyle retailer has beaten out analysts’ estimates to report $96.9 million in Q4 earnings, or $1.42 per diluted share, shooting the company’s shares up approximately 22% in morning trading on Wednesday.
The American apparel and lifestyle retailer announced on Monday that it is reiterating its previously reported guidance for the fourth quarter and full fiscal year 2018 following a satisfactory holiday period.
Sales in the 2018 U.S. holiday shopping season rose 5.1 percent to over $850 billion, the strongest in six years, according to a Mastercard report on Wednesday, as shoppers were encouraged by a robust economy.