Birkenstock seeks $9,2 billion IPO valuation
04.10.2023 3715

Birkenstock seeks $9,2 billion IPO valuation

German footwear company Birkenstock is going public with an initial public offering price of $9,2 billion.

Birkenstock has officially filed for an IPO with the US Securities and Exchange Commission (SEC), listing 32 million shares of its common stock for sale on the New York Stock Exchange. The shares will be listed on the market under the ticker symbol "BIRK" and should be priced between $44 and $49 per share. The company is seeking a valuation of $9,2 billion, with the lower end of the price range representing a valuation of about $8,3 billion. That would put Birkenstock in position to raise $1,4 billion to $1,6 billion.

Some 10,7 million shares are being offered by the company itself, while 21,5 million are held by the selling shareholder, investment fund L Catterton. The shareholder is offering an additional 4,8 million shares through a stock exchange over-allotment provision that allows additional shares to be purchased within 30 days.

Participating in the placement are the Norwegian State Pension Fund (aka the Oil Fund) and the Durable Capital Partners LP fund, which have expressed their intention to purchase shares for $300 million each. Holding company LVMH, already an investor in Birkenstock, is ready to buy up to $325 million in additional shares.

Goldman Sachs, JP Morgan and Morgan Stanley are the lead underwriters on the deal.

Birkenstock plans to use the funds raised to reduce debt.

IPO plans were confirmed by Birkenstock in early September. At the same time, the company reported that in the financial year ended September 30, its sales reached 1,2 billion euros and net profit amounted to 187 million euros. Additionally, in the first half of the current financial year, Birkenstock's sales rose 19% year-on-year to €644,17 million, while profits fell 45,3% to €40,21 million.

German footwear company Birkenstock is going public with an initial public offering price of $9,2...
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