American jeans-maker Levi Strauss & Co. has set the price range for its upcoming initial public offering at $14 to $16 per share, which would generate as much as $586.67 million for the company.

Levi Strauss, which filed for an IPO in February, said March 11 that it is selling 36,666,667 common shares. The company is offering 9,466,557 class A common shares, while existing stockholders are offering 27,200,110 shares of common stock.

Underwriters will also have a 30-day option to buy an additional 5,500,000 shares at the IPO price, less underwriting discounts and commissions.

Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC will be joint lead book runners for the offering, while BofA Merrill Lynch, Morgan Stanley & Co. LLC and Evercore Group LLC will serve as book-running managers. BNP Paribas Securities Corp., Citigroup, Guggenheim Securities LLC, HSBC Securities (USA) Inc., Drexel Hamilton LLC, Telsey Advisory Group and The Williams Capital Group LP will serve as co-managers on the IPO.

Levi Strauss has said it plans to use the proceeds for general corporate purposes, including working capital, operating expenses and capital expenditures.

The company went public in 1971, but the descendants of Levi Strauss took it private in 1984 when the company's profits were declining, according to a CNBC report.