German Sandal Maker Birkenstock Targets $9.2 Billion Valuation in New York IPO
Birkenstock, a German premium footwear brand sponsored by the private-equity firm L Catterton, announced on Monday that it will seek a valuation of up to $9.2 billion in its highly anticipated initial public offering (IPO) in New York.
According to a filing with the U.S. Securities and Exchange Commission, the company and its selling stockholders would sell between $44 and $49 per share to raise $1.58 billion through the IPO.
Birkenstock is proceeding with its IPO despite the fact that the September results of three newly listed companies cast doubt on the renewed investor appetite for new listings.
Now that a government shutdown has been averted, the U.S. securities regulator has sufficient personnel to evaluate IPO filings from companies seeking to take advantage of the long-awaited reopening of the IPO window.
Birkenstock’s hallmark has traditionally been comfort over style. According to the company’s website, the buckles, straps, sole, and insole all serve a “functional purpose”
It has also gained popularity among fashionistas, reportedly more so in recent weeks after one of its brands was featured in the blockbuster film “Barbie,” in which Margot Robbie wore a pair of pink Birkenstocks.
The company’s origins date back to 1774, and it is currently run by the sixth generation of the same family. The majority of its products are produced in Rhineland-Palatinate, North Rhine-Westphalia, Hesse, and Saxony, Germany.
The IPO includes Goldman Sachs, J.P. Morgan, and Morgan Stanley as underwriters.
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