Levi Strauss shares open at $22.22 in IPO, as jean giant makes return to the public market

Shares of blue jeans giant Levi Strauss & Co surged 32 percent in its debut on the New York Stock Exchange, giving it a market capitalization of $8.7 billion and demonstrating strong demand for owning a part of the jean giant.

Levi Strauss Wednesday night priced its initial public offering at $17, topping original expectations of between $14 and $16 a share.

The newly public company has said it will improve market share with women, on the internet and in China. Its men's business accounted for $4 billion of Levi's $5.6 billion 2018 revenue, while just 3 percent of its revenue came from China. The 166-year-old company first went public in 1971, but has been private for the last 34 years.

Over the last 10 years, global jeans sales have climbed at a 3.5 percent compounded annual growth rate, slower than the entire apparel category, according to Bernstein analyst Jamie Merriman.

This story is developing. Please check back for updates.

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