Footwear brand Birkenstock aims for a valuation of up to $9.2 billion as it embarks on an initial public offering.
The Germany-based brand is offering 10,752,688 ordinary shares as part of its IPO while the selling shareholder is offering 21,505,376 ordinary shares, per a Monday press release. The initial public offering price is expected to be between $44 and $49 per ordinary share, with an anticipated 187,825,592 outstanding shares, per the company’s updated F-1 filing Monday.
Birkenstock initially filed its initial registration statement with the U.S. Securities and Exchange Commission for a proposed initial public offering last month. Planning to list on the New York Stock Exchange using the ticker symbol BIRK, the company’s filing revealed it brought in a revenue of 1.24 billion euros (about $1.3 billion as of press time) and a net profit of 187.1 million euros during fiscal 2022.
For the nine months ended June 30, 2023, the brand’s revenues increased 21% year over year to 1.12 billion euros. Birkenstock’s net profit decreased about 20% from 129 million euros to 103 million euros during the period, and its number of units sold jumped 5%. The company’s direct-to-consumer penetration increased from 34% of revenues to 37%.
Birkenstock will be a controlled company with the completion of an IPO, allowing L Catterton to hold a majority of the combined voting power of its outstanding ordinary shares.
The footwear company looks to go public as U.S. IPOs during the first nine months of 2023 have so far risen 20% year over year, but, activity is still below the highs of 2021. U.S. initial public offerings raised $18.8 billion — an increase of 161% — across 96 deals during the first nine months of 2023.
