New York (CNN Business) Levi Strauss surged more than 30% during its public debut Thursday on the New York Stock Exchange.

Levi Strauss LEVI The iconic maker of Levi's 501 blue jeans raised $623 million from the stock sale.priced the initial public offering at $17 a share, above its expected price range.

At an early trading price of $22.97 a share, the 166-year old company is valued at about $8.9 billion.

A trader wears Levi's clothing during the Levi Strauss & Co. IPO on the floor of the New York Stock Exchange.

Traders at the NYSE were allowed to wear jeans to commemorate the occasion. There is usually a strict dress code that prohibits jeans on the floor of the exchange.

Levi Strauss has returned to life as a publicly traded company after an absence that lasted more than 30 years. The company was publicly traded in the 1970s and early 1980s, but went private in 1985.

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