Blue jeans have produced green in the few days since Levi Strauss & Co.'s March 21 IPO, which was among the largest IPOs in the apparel and luxury goods industries.
Shares of the apparel-maker rose 28% during its first two days as a public company. While Levi's shares priced at $17, they closed at $21.77 on March 25.
Overall, Levi's IPO put it among the highest-raising IPOs in the apparel and luxury industries since 2000, according to an analysis by S&P Global Market Intelligence.
Shares of Levi Strauss, which priced at $17 each and began trading March 21, raised $160.8 million, according to Market Intelligence.
That made the offering's gross proceeds the sixth-highest U.S. IPO within Market Intelligence's apparel retail and apparel, accessories and luxury goods industry classification since Jan. 1, 2000, beating out IPO proceeds from brands including Tapestry Inc., which went public in 2000 as Coach Inc., and Under Armour Inc. Gross proceeds exclude the amount offered and overallotment exercised by existing shareholders.
Levi's was last traded publicly in 1984 when descendants of founder Levi Strauss took the company private. The company filed a prospectus in February.
V.F. Corp., meanwhile, has been planning a spinoff and IPO of its jeans business since mid-2018.
Levi's IPO comes as relatively few companies have gone public so far this year on the two major U.S. stock exchanges. As of March 21, 20 companies have completed IPOs on the Nasdaq. For the entirety of 2018, 140 companies listed stock on the exchange.
Just two companies have gone public on the NYSE so far in 2019, leaving the total far below the 61 that used the exchange for IPOs in 2018.