Levi Strauss Plans To Raise Up To $587M In IPO

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SAN FRANCISCO (CBS SF / AP) — Levi Strauss plans to raise up to $587 million in an initial public offering of company shares.

The San Francisco company said Monday that it's offering approximately 9.5 million shares, while selling stockholders are offering about 27.2 million shares.

The stock is expected to be priced between $14 and $16 each.

The underwriters will have a 30-day option to buy an additional 5.5 million shares from the company at the IPO price, minus underwriting discounts and commissions.

The shares are expected to be listed on the New York Stock Exchange under the "LEVI" symbol.

Levi Strauss & Co. made its first pair of jeans in 1873. The company did go public before, on 1971, but was taken private again in a 1985 leveraged buyout.