On Monday, jeans maker Levi Strauss & Co said that it expects to raise as much as $587 million through its initial public offering (IPO), which would mark its return to the public market after three decades.

With a plan to offer 36.7 million shares of the 385.5 million outstanding shares, priced between $14 and $16, the company will be valued at around $6.17 billion at the higher end of the range.

The IPO comes at a time when the demand for denim is on a rise and the 165-year old company faces challenges like changing dynamics of customer needs and cheaper alternatives available in the market.

In its regulatory filing, the San Francisco based company said that it intends to be listed on the New York Stock Exchange (NYSE) as "LEVI" and will be using the proceeds from the IPO to make future acquisitions to enhance its portfolio of brands.

The brand that is known for inventing the blue jeans also sells footwear, belts, and wallets and reported annual net revenue of $5.6 billion in 2018.

The 12-member underwriting team handling the IPO includes Goldman Sachs, JPMorgan, BofA Merrill Lynch, and Morgan Stanley.