Jeans giant Levi Strauss & Co raised more than US$623m in its initial public offering (IPO) yesterday (20 March) after selling 36.7m shares priced at $17.

The move, which values the company at $6.6bn, according to Reuters, saw Levi Strauss beat expectations that it would raise up to $587m after selling 36.7m shares priced at $14 to $16 each.

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The shares are expected to begin trading on the New York Stock Exchange today under the symbol ‘LEVI’.

In a statement, the company said it will offer about 9.5m shares of Class A common stock, while its selling stockholders will offer 27.2m shares. In addition, the underwriters have a 30-day option to buy up to an additional 5.5m shares of Class A common stock from the company at the IPO price, less underwriting discounts, and commissions. The closing of the offering is expected to occur on Monday (25 March), subject to satisfaction of customary closing conditions.

Earlier this month the company said it would use the net proceeds received from the offering for general corporate purposes, including working capital, operating expenses, and capital expenditures.

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It added: “We may also use a portion of the net proceeds we receive from this offering for acquisitions or other strategic investments, although we do not currently have any plans to do so.”

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The San Francisco-based company recently reported revenue of $5.58bn and net income of $283.1m for the year ended 28 November 2018.

Click here to read just-style’s recent interview with Michael Kobori, vice president of social and environmental sustainability at Levi Strauss & Co.