IPOs this week : Sept 16 - 20, 19 (wk 38)

IPOs expected to price

• Envista (NVST) and IGM Biosciences (IGMS) are expected to price their IPOs on September 17 to be followed by pricings for 
• Datadog (DDOG), Ping Identity Holding (PING) and Exagen (XGN) on September 18. 

IPO lockup expirations

• IPO share lockups arrive on Up Fintech Holding (NASDAQ:TIGR) on September 16, 
• as well as Levi Strauss (NYSE:LEVI) and Canada-traded Cansortium on September 17. 

In other IPO developments to watch, WeWork (WE) will officially begin marketing shares to investors next week ahead with the IPO on track and Anheuser-Busch InBev (NYSE:BUD) will be watched closely for indications of where demand stands for the Budweiser Brewing Co. (BUDBC) IPO.

Also, keep an eye on Peloton (PTON) and its quest for a $1B valuation. D.A. Davidson jumped the gun by rating the exercise equipment company at Neutral even before the IPO has fired off. "While valuation is actually more agreeable than anticipated on forward estimates, it is still fairly robust, and we will wait for a better entry point," stated the firm.

Levi Strauss (LEVI) began trading on the NYSE on 21 March 2019

The iconic blue jean maker and clothing retailer has priced its initial public offering of 36.67 mln shares at $17 per share (above the expected $14.00-16.00 range), valuing the company at about $6.6 billion.

• Opened for trading at $22.22, up 31 percent from its offering price of $17.
• The 166-year-old company, which owns the Dockers and Denizen brands, previously went public in 1971, but the namesake founder's descendants took it private again in 1985.

The company was founded by Levi Strauss, who immigrated to the United States from Bavaria and set up shop in San Francisco in 1853 with a wholesale dry goods business. Twenty years later, he and a business partner received a patent for “waist overalls” with metal rivets at points of strain — a garment known today as the blue jean.

Levi's employees and owners ring the opening bell on the floor of the New York Stock Exchange on the day that Levi Strauss has returned to the stock market with an IPO on March 21, 2019 in New York City. 

Levi Strauss CEO Chip Bergh poses for photos outside the New York Stock Exchange, Thursday, March 21, 2019. Levi Strauss & Co., which gave America its first pair of blue jeans, is going public for the second time. 

The "No Blue Jeans" rule was relaxed on the floor of the New York Stock Exchange, Thursday, March 21, 2019. 

Levi's employees make free t-shirts outside of the New York Stock Exchange on the day that Levi Strauss has returned to the stock market with an IPO on March 21, 2019 in New York City. 

2nd day

First IPO in 1971:  The 166-year-old company, which owns the Dockers and Denizen brands, previously went public in 1971, but the namesake founder's descendants took it private again in 1985.

IPOs this week : March 18 - 22, 2019

IPO pricings: 

• Up Fintech (TIGR) is expected to price its offering on March 19. 
• In a notable deal for the apparel sector, Levi Strauss (LEVI) is expected to price its IPO on March 20. The iconic company is offering 36.7M shares in an expected range of $14 to $16. The timing could be good for the Levi Strauss IPO after American Eagle Outfitters (NYSE:AEO) and Abercrombie & Fitch (NYSE:ANF) both cited strong demand for denim products in their Q4 earnings reports. 
• Alight (ALIT) is pricing its IPO on March 21, 
• while across the Pacific, luxury auto specialist Shanghai Dongzheng Automotive is due to price 533M shares in an expected range of HK$4.20 to HK$6.30. 

IPO lockup expirations: 

• Aptorum (NASDAQ:APM) and X Financial (NYSE:XYF) on March 18; 
• Bank7 (NASDAQ:BSVN), Eventbrite (NYSE:EB) and Elanco Animal Health (NYSE:ELAN) on March 19; 
• Farfetch (NYSE:FTCH), Y-mAbs Therapeutics (NASDAQ:YMAB) and Golden Bull (NASDAQ:DNJR) on March 20.

Levi Strauss IPO

Levi Strauss filed plans for an IPO on Wednesday, 35 years after a leveraged buyout took the jeans maker private. The Levi Strauss IPO aims to raise $100 million, though that is believed to be a placeholder. Renaissance Capital estimates the initial public offering could raise up to $750 million.

"We are an iconic American company with a rich history of profitable growth, quality, innovation and corporate citizenship," Levi Strauss said in its IPO prospectus.

The San Francisco-based company was founded in 1853 as a wholesale dry goods business and introduced its denim blue jeans 20 years later. In addition to jeans, the company makes casual and dress pants, tops, shorts, skirts, jackets, footwear and related accessories. Its brands include Dockers, Denizen and Signature.

Levi Strauss products are sold in more than 50,000 retail shops in 110 countries. It also has company-operated e-commerce sites.

Levi Strauss Revenue
For the 12-month period ended Nov. 25, Levi Strauss reported revenue of $5.57 billion, up 14% from the year-ago period, with net income of $285.2 million.

The lead underwriters for the Levi Strauss IPO are Goldman Sachs, JPMorgan and BofA Merrill Lynch. It plans to list on the NYSE under the ticker LEVI. No pricing terms were disclosed. Levi Strauss said it'll use IPO proceeds for general corporate purposes, including working capital and capital expenditures.

CEO Charles Bergh joined Levi Strauss in 2011. He previously spent 28 years in leadership roles at Procter & Gamble (PG).

Denim Stock Blues
Among apparel retail stocks with denim exposure, Gap (GPS) fell 0.1% on the stock market today, well off session lows. American Eagle Outfitters (AEO) slid 1.5%, Abercrombie & Fitch (ANF) retreated 2.3% and Urban Outfitters (URBN) 1.8%. Guess (GES) reversed higher to close up 0.5%.