Thu., March 21, 2019 11:32 a.m. | Thursday, March 21, 2019 11:32 a.m.
This Feb. 9, 2018 photo shows Levi's jeans hanging on a wall at Levi's innovation lab in San Francisco. On Thursday, March 21, 2019, Levi Strauss & Co. is going back to the public markets after 34 years.
NEW YORK — Levi Strauss & Co., which gave America its first pair of blue jeans, is public again, for the second time.
The stock, which is listed under the ticker "LEVI," opened for trading on Thursday up 31 percent on very strong demand and recently changed hands at $22.90, up $5.90. The offering priced at $17, above an originally expected range of $14 to $16.
The New York Stock Exchange community, including more than 300 traders, suspended its "no jeans allowed" policy on Thursday to celebrate Levi Strauss returning to the public markets. More than 120 employees from Levi's global offices, including its CEO Chip Bergh, took part in the event, wearing jeans and donning white T-shirt with the company's red bat wing logo.
Levi Strauss is adopting a dual-class share structure. Each Class A share will be entitled to one vote, while Class B shares will have 10 votes. Class B stock will primarily be held by the descendants of the company founder. That means that the Strauss's descendants will still exert big influence over the company's major decisions.