{"id":70703,"date":"2023-10-09T18:22:25","date_gmt":"2023-10-09T22:22:25","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/birkenstock-ipo-expected-to-prove-the-next-test-of-investor-appetite-for-deals\/"},"modified":"2023-10-09T18:22:28","modified_gmt":"2023-10-09T22:22:28","slug":"birkenstock-ipo-expected-to-prove-the-next-test-of-investor-appetite-for-deals","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=70703","title":{"rendered":"Birkenstock IPO expected to prove the next test of investor appetite for deals"},"content":{"rendered":"
\n

The initial-public-offering market is gearing up for the arrival of the Birkenstock deal this week, with the iconic German sandal maker expected to price its stock on Tuesday for a Wednesday debut.<\/p>\n

For now, the IPO is the only one expected this week \u2014 although some smaller issuers may opt to join the calendar late, according to Renaissance Capital, a provider of IPO exchange-traded funds and institutional research.<\/p>\n

\n

Birkenstock
\n BIRK<\/span>
\n is planning to offer 32.3 million shares priced at $44 to $49 each. The company would raise $1.58 billion at the top of that range at a valuation of $9.2 billion.<\/p>\n

The company has applied to be listed on the New York Stock Exchange under the ticker symbol \u201cBIRK.\u201d Goldman Sachs, JPMorgan and Morgan Stanley are the lead underwriters in a team of 22 banks working on the deal. Underwriters have the option to purchase up to 4.8 million more shares from the selling shareholders to cover overallotments.<\/p>\n

Read more:<\/strong>\u00a0Birkenstock is going public: 5 things to know about the iconic German sandal maker\u2019s IPO designs <\/p>\n

\u201cBirkenstock is pitching a combination of profitability and growth, along with widespread brand recognition,\u201d said Renaissance Capital Founder and CEO Bill Smith. \u201cDespite its robust fundamentals, the company is coming public against a backdrop of weak aftermarket trading from recent large IPOs.\u201d<\/p>\n

Even before the current hostilities in Israel broke out, the market had seen three key deals lose some of their luster in the days immediately following their debuts.<\/p>\n

Context:<\/strong> Investment strategist Tom Lee sees Israel attack leading to \u2018risk off\u2019 market environment, where yields retreat and stocks rise<\/p>\n

Chip maker Arm Holdings Ltd.\u00a0
\n ARM,
\n +0.31%<\/bg-quote>
\n ;\u00a0Klaviyo
\n KVYO,
\n +3.56%<\/bg-quote>,<\/span>
\n \u00a0a digital marketing company; and Instacart, which trades as Maplebear Inc.
\n CART,
\n -3.18%<\/bg-quote>
\n ; all enjoyed strong gains on their first day of trade but pared those in the following sessions. Instacart was quoted at $24.10 on Monday, well below its issue price of $30.<\/p>\n

Related:<\/strong>\u00a0Instacart shares slump to their IPO price as investors have second thoughts <\/p>\n

A small, pre-revenue company called Gamer Pakistan Inc.
\n GPAK,
\n -44.25%<\/bg-quote>,<\/span>
\n meanwhile, was down 29% in its first day of trade on Monday. <\/p>\n

That company priced its IPO last week at $4 a share, the low end of a $4-to-$5 range, but was unable to trade as it sorted out issues with Nasdaq. The company is the first from Pakistan to list on a U.S. exchange. <\/p>\n

The company raised $6.8 million in its initial public offering by selling 1.7 million shares. With 25.6 million shares outstanding, the company had a valuation of $102.4 million at the IPO price. The stock is trading on Nasdaq under the ticker symbol \u201cGPAK.\u201d<\/p>\n

\u201cWe are a development-stage interactive esports event promotion and product marketing company, founded in November 2021,\u201d the company said\u00a0in its filing documents with the Securities and Exchange Commission.<\/p>\n

Auditor Mercurius & Associates LLP says the company\u2019s pre-revenue deficit \u201craises substantial doubt about the company\u2019s ability to continue as a going concern.\u201d That language is not atypical in IPO filings by companies that are pre-revenue, such as pre-clinical biotechnology companies.<\/p>\n

The Renaissance IPO ETF
\n IPO
\n has gained 28% to date in 2023, while the S&P 500
\n SPX
\n has gained 13%. <\/p>\n

Read next:<\/strong> Esports company Gamer Pakistan stock becomes the first entity from that country to list on a U.S. exchange<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The initial-public-offering market is gearing up for the arrival of the Birkenstock deal this week, with the iconic German sandal maker expected to price its stock on Tuesday for a Wednesday debut. For now, the IPO is the only one expected this week \u2014 although some smaller issuers may opt to join the calendar late, […]<\/p>\n","protected":false},"author":1,"featured_media":70704,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-70703","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nBirkenstock IPO expected to prove the next test of investor appetite for deals | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The initial-public-offering market is gearing up for the arrival of the Birkenstock deal this week, with the iconic German sandal maker expected to price\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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