German footwear retailer Birkenstock has set an IPO price of $46 (£37) per share as it prepares to float on the New York Stock Exchange (NYSE).
Trading on the NYSE will begin on October 11 and Birkenstock confirmed it will list under the name ‘BIRK’.
The closing of the offering is anticipated to beon October 15, “subject to customary closing conditions”.
The announcement comes following months of speculation and Birkenstock said a total of 32.26 million ordinary shares will be offered in its initial public offering (IPO).
This is the second IPO for Birkenstock’s private equity owner L Catterton’s portfolio this year, following online beauty retailer Oddity Tech’s listing on Nasdaq in July, which raised more than $400m (£312.9m).
Birkenstock posted revenue of $644m (£516.7m) for the six months to March 31, 2023, up 19% year on year. Net profit for the period dropped 45% to reach $40m (£32.09m), which the retailer attributed to “a sharp rise in operating expenses”.
L Catterton acquired a majority stake in the footwear retailer in April 2021 in a deal that valued Birkenstock at €4bn (£3.43bn).
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