Shares of blue jeans giant Levi Strauss & Co. surged 32 percent in their debut on the New York Stock Exchange, giving the company a market capitalization of $8.7 billion and demonstrating strong demand for owning a part of the jean giant. Levi Strauss on Wednesday night priced its initial public offering at $17, topping original expectations of between $14 and $16 a share. The newly public company, trading under the symbol "LEVI," has an opportunity to improve market share with women beyond its core business of men's jeans. Its men's business accounted for $4 billion of Levi's $5.6 billion 2018 revenue and was a "key driver of its profits," the company has said. Levi Strauss is also eyeing further expansion through new stores, further wholesale relationships and building out its online sales. Geographically, it expects further growth in China, where just 3 percent of its revenue came from in 2018.

Those plans come even as the global jean industry has faced pressure from new competitors and alternatives like Lululemon Athletica leggings. Over the last 10 years, global jeans sales have climbed at a 3.5 percent compounded annual growth rate, slower than the entire apparel category, according to Bernstein analyst Jamie Merriman. Still, Levi Strauss has carved out a unique place for itself, with its iconic brand and "exceptional quality at accessible prices," the company says. For the year ended November 2018, Levi Strauss reported sales of $5.58 billion, a 13.7 percent jump over the year prior. That increase has come as the company also added to its marketing, which jumped by nearly 24 percent over the same year.

Chip Bergh, president and chief executive officer of Levis Strauss & Co., center, rings a ceremonial bell as Harmit Singh, executive vice president and chief financial officer of Levi Strauss & Co, right, smiles during the company's initial public offering (IPO) on the floor of the New York Stock Exchange (NYSE) in New York on Thursday, March 21, 2019. Jeenah Moon | Bloomberg | Getty Images