Birkenstock, the longtime German shoe brand known for its comfy and durable styles, is expected to price its IPO at $46 per share on Tuesday, giving it a tentative valuation of about $8.64 billion, according to a person familiar with the matter.
Combined with the 21.51 million in shares its selling stockholders were looking to offload, the offering could bring in around $1.48 billion.
Birkenstock's offering comes as the IPO market remains choppy after a number of recent filers began trading in muted debuts.
But after an initial 40% pop, it closed at $33.70 on its first day on the Nasdaq and is now trading below its opening share price.
It posted a net income of about 187 million euros ($198 million) in fiscal 2022.
Persons:
Birkenstock's, hasn't, Birkenstock, Johnson, Catterton
Organizations:
Swiss, New York Stock Exchange, Nasdaq, Tech
Locations:
New York, German