© Reuters.
German sandal maker Birkenstock is set to launch its Initial Public Offering (IPO) on the New York Stock Exchange this Wednesday, October 11, 2023, with a valuation of $8.6 billion. The shares are expected to be priced at $46 each, within the target range of $44-49.
The share offering was initially reported by the Wall Street Journal. Goldman Sachs Group Inc (NYSE:). and JPMorgan Chase & Co. (NYSE:) are handling the IPO process, while Birkenstock has yet to make any public comment on these proceedings.
Birkenstock transitioned from manufacturing orthopedic shoes to fashionable footwear featured in the Hollywood movie “Barbie.” The company reported revenues of 1.11 billion euros ($1.17 billion) for the nine months ending June 30, marking a 21% increase despite a net profit decrease to 129.1 million euros.
The founding family maintained ownership until 2021 before selling a majority stake to L Catterton and Bernard Arnault’s family holding fund. The company, headquartered in Linz am Rhein, Germany, assembles 95% of its products domestically across multiple manufacturing sites and employs around 6,200 people worldwide.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Read the full article here
