'Blue Jeans Inventor' Surge to $6.5bn in Stock Market Return

By: Yassmine ElSayed

CAIRO, Mar. 21 (SEE) - ‘Levi Strauss’ will be worth about $6.5bn when the denim-maker rejoins the stock market after 34 years absence.

Shares in the inventor of the blue jeans have been priced at $17 each, just above the target range of $14-16.

According to BBC, Levi's has sold $623m worth of shares to institutional investors before allowing the public to buy stock in the 166-year old company on Thursday.

The Haas family, descendants of the founder Levi Strauss, has sold shares worth around $357m.

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

Levi's wants to continue to grow the company from men's jeans to more products for women as well as expanding its tops business.

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

According to Euromonitor International, a market research provider, global sales of jeans expanded by 4.3% in 2017-18. In the US, after four years of falling demand, sales rose by 2.2%.

Founder Levi Strauss moved to San Francisco in 1853 during the California gold rush, opening a dry goods business. But he struck gold when in 1873 he and a partner received a patent on using rivets to make clothes - which increased their durability.