Birkenstock, the German sandal maker, filed papers for an initial public offering in the U.S., in another sign the market for new listings is heating up.
The company plans to list on the New York Stock Exchange under the ticker symbol “BIRK,” according to a regulatory filing. No offering price was listed, though an IPO is expected to value Birkenstock around $8 billion, Barron’s has reported.
Goldman Sachs,
J.P. Morgan,
and
Morgan Stanley
are leading the banks on the deal.
The IPO comes two years after the private-equity firm L Catterton, with a personal investment from French luxury brand billionaire Bernard Arnault, bought Birkenstock for around $4.9 billion.
It’s the latest in a late-summer flurry of IPO activity. SoftBank-owned chip designer Arm Holdings is expected to price its deal Wednesday evening and begin trading as early as Thursday as possibly the biggest new listing to date this year.
Delivery platform Instacart has also kicked off its IPO process, as has marketing and data automation firm Klaviyo.
Birkenstock CEO Oliver Reichert said in a letter in the regulatory that filing an IPO was a “logical step” after the family stepped back from the operational business and after the investment by L Catterton. The company “marks a new important milestone with our plan to go public, inviting a broader group of investors to join our undertaking. This is the beginning of a new chapter.”
The filing said Birkenstock’s revenue rose to $1.3 billion in 2022 from $780 million in fiscal 2020. Net profit rose to about $200.7 million in 2022 from $108.7 million in 2020.
Write to Liz Moyer at [email protected]
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