Mar 20, 2019 - Economy & Business

Levi Strauss IPO set to test waters for tech unicorns

Dan Primack, author of Pro Rata

Illustration: Aïda Amer/Axios

Levi Strauss is expected to price its IPO on Wednesday night, kicking off what should be a banner year for mega-listings.

Buzz: Reports are that the denim giant has strong investor interest that could push above its $14–$16 indicative range, the top end of which would raise around $586 million at an initial market cap of nearly $6.2 billion.

The big picture: The Levi's IPO is a big test of investor appetite or distaste for dual-class share listings. If fund managers will accept it for a company whose founder died 116 years ago, then they'll accept it for tech unicorns whose founders are still in charge (no matter how much Paul Singer objects).

What's next? Next week's big issuer, Lyft, reportedly is also oversubscribed after just two days of its nine-day roadshow.

Go deeper: A refresher on details of Levi Strauss' IPO plan

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Justice Department sues Google over alleged search monopoly

Illustration: Lazaro Gamio/Axios

The Justice Department and 11 states Tuesday filed an antitrust lawsuit against Google, accusing the company of using anticompetitive tactics to illegally monopolize the online search and search advertising markets.

Why it matters: The long-awaited suit is Washington's first major blow against the tech giants that many on both the right and left argue have grown too large and powerful. Still, this is just step one in what could be a lengthy and messy court battle.

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Axios
Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Americans feel Trump's sickness makes him harder to trust — Florida breaks record for in-person early voting.
  2. Health: The next wave is gaining steam.
  3. Education: Schools haven't become hotspots.
  4. World: Ireland moving back into lockdown — Argentina becomes 5th country to report 5 million infections.
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Orion Rummler
1 hour ago - Politics & Policy

In photos: Florida breaks record for in-person early voting

Voters wait in line at John F. Kennedy Public Library in Hialeah, Florida on Oct. 19. Photo: Eva Marie Uzcategui/AFP via Getty Images

More Floridians cast early ballots for the 2020 election on Monday than in the first day of in-person early voting in 2016, shattering the previous record by over 50,000 votes, Politico reports.

The big picture: Voters have already cast over 31 million ballots in early voting states as of Tuesday, per the U.S. Elections Project database by Michael McDonald, an elections expert at the University of Florida.

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