U.S. Markets close in 1 hr 20 mins

Levi’s Jumps 30% Midday as it Returns to Wall Street After 34-Year Hiatus

Investing.com - Today could be the only day jeans are the appropriate clothing for the floor of the New York Stock Exchange.

The exchange suspended its no-jeans rule in honor of denim icon Levi’s returning to the stock market.

Levi Strauss & Co (NYSE:LEVI) jumped more than 30% in midday trading on its debut following an IPO that raised more than $600 million.

Shares were priced last night at $17 apiece, above the $14 to $16 range originally predicted amid strong demand.

Levi’s raised $623 million from the sale of 36.7 million shares.

The jeans company was founded in 1853 and became a publicly-traded company in 1971 before it was taken private in 1985.

Elsewhere, Abercrombie & Fitch (NYSE:ANF) was flat, while American Eagle Outfitters (NYSE:AEO) fell 0.2%.

Related Articles

General Electric in $49 million settlement over Petters fraud

StockBeat: Homebuilders Wobble on Weak Housing Data

Exclusive: FAA to overhaul air safety oversight by July - U.S. inspector general