Birkenstock prices US IPO at $46 per share
Birkenstock Holding, the renowned German premium footwear maker, has successfully priced its U.S. initial public offering (IPO) at $46 per share, marking a significant milestone for the company. Despite having enough demand to price the offering at the top of the indicated range, Birkenstock and its underwriters opted for a conservative approach due to market volatility. The IPO raised an impressive $1.48 billion, valuing the company at approximately $9.3 billion on a fully diluted basis.
This IPO comes amidst a flurry of recent listings in the U.S., including chip designer Arm Holdings, grocery delivery app Instacart, and marketing automation platform Klaviyo. While these companies experienced some share price fluctuations following their IPOs, Birkenstock remains poised to navigate the market successfully.
Birkenstock, founded in 1774 by Johannes Birkenstock and his brother Johann Adam Birkenstock, has a rich history in the shoemaking industry. The family-run business has thrived for six generations, and now the brand is making waves as a fashionable choice worn by models and celebrities alike. In fact, Margot Robbie’s portrayal of Barbie in a recent movie featured her sporting a stylish pink pair of Birkenstocks in the final scene.
The company’s recent majority stake acquisition by L Catterton, a private equity group backed by French billionaire Bernard Arnault and luxury goods empire Louis Vuitton Moet Hennessy, has further bolstered Birkenstock’s position in the market. Following the IPO, L Catterton will hold an impressive 82.8% stake in Birkenstock, solidifying its control and influence over the company’s future.
With shares set to commence trading on the New York Stock Exchange under the ticker symbol “BIRK,” Birkenstock is primed for continued success. Leading underwriters Goldman Sachs, JPMorgan Chase, and Morgan Stanley have played instrumental roles in ensuring a smooth IPO process.
Birkenstock’s IPO not only highlights the company’s enduring legacy but also signifies its readiness to embrace new opportunities in the global market. As the company ventures into this exciting chapter, investors and enthusiasts alike can look forward to witnessing Birkenstock’s continued growth and innovation in the premium footwear industry.