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Levi Strauss plans to raise $100M in initial public offering

MIAMI, FL - MAY 31: Levi's clothes are seen on the day President Donald Trump placed tariffs on steel and aluminum imports and European Union responded by warning that it would target iconic American brands such as Levi's on May 31, 2018 in Miami, Florida. European Commission President Jean-Claude Juncker said the European Union was prepared to respond to the U.S. tariffs by targeting imports of Harley-Davidson Inc. motorbikes, Levi Strauss & Co. jeans and bourbon whiskey. (Photo by Joe Raedle/Getty Images)

SAN FRANCISCO β€” Well-known jeans company Levi Strauss & Co. says it plans to raise about $100 million through an initial public offering.

The number of shares to be offered and the price range has yet to be determined. The total amount raised may change based on investor demand and other factors.

The San Francisco-based company said Wednesday that it plans to use the proceeds from the IPO for general corporate purposes, including working capital, operating expenses and capital expenditures. It may also use proceeds for acquisitions or other strategic investments.

Levi Strauss made its first pair of jeans in 1873. It was a public company from 1971 until 1985 when it was taken private in a leveraged buyout.

In its fiscal year ended last November, revenue rose nearly 14 percent to $5.58 billion. The company earned $283.1 million, or 73 cents per share.

The shares will be listed on the New York Stock Exchange under the “LEVI” ticker symbol.

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