German sandal maker Birkenstock is reportedly seeking a valuation of $9.2 billion U.S. in its upcoming initial public offering (IPO) that’s scheduled to take place in New York.
About 32 million shares, priced between $44 U.S. and $49 U.S. each, will be sold by the company in the IPO, according to a filing with the U.S. Securities and Exchange Commission.
Birkenstock is proceeding with its October IPO despite recent market debuts by chipmaker Arm Holdings (ARM) and online grocery retailer Instacart (CART) performing poorly.
After initially rising following their IPOs in September, both Arm and Instacart’s share prices have fallen into negative territory.
Birkenstock is hoping that its history, brand recognition, and popularity with consumers will lead it to fare better with its own IPO.
Birkenstock has been making footwear in one form or another since 1774. It is a sixth-generation family-owned business and is not a technology concern.
The company continues to produce most of its sandals and other shoes at manufacturing facilities in Germany, the same as it has for hundreds of years.
An exact date for the IPO has not yet been announced. Investment banks Goldman Sachs (GS) and Morgan Stanley (MS) are among the underwriters managing Birkenstock’s IPO.
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