Birkenstock Holding – another name added to the list of private companies going public this year. On Tuesday, the German footwear manufacturer filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission. The company plans to trade on the NYSE under the ticker “BIRK.”
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About Birkenstock
Birkenstock is a renowned high-fashion brand known for its collaborations with prestigious luxury names like Dior, Manolo Blahnik, and Valentino. Interestingly, over 50% of its customer base hails from the Americas, with Europeans comprising 36% of its clientele.
Furthermore, Birkenstock is actively investing in expanding its production capacity in Germany. It recently commenced operations in a new €120 million factory situated in Pasewalk.
For the six months that ended March 31, 2023, the company reported a net profit of €40.2 million, down from €73.5 million during the same period a year ago. However, Birkenstock’s revenue increased to over €644 million from €543 million in the prior-year period.
IPO Details
Birkenstock’s filing with the SEC did not disclose any information about the number of ordinary shares or the price range for the proposed offering. The IPO is anticipated to carry a valuation exceeding $8 billion.
Additionally, Birkenstock’s control will remain under private equity firm L Catterton. It is worth mentioning that L. Catterton bought a majority stake in the company in May 2021.
Goldman Sachs (GS), JPMorgan Chase (JPM), and Morgan Stanley (MS) are appointed as lead underwriters of the offering.
2023 IPO Market
The Birkenstock IPO news comes at a time when investors await three major IPOs – chip designer firm Arm Holdings, marketing automation company Klaviyo, and online grocery delivery company Instacart.
The year 2023 has seen increased IPO activity, reflecting market recovery from the pandemic’s impact to some extent. Some of the stocks that made their debut this year include beauty platform ODDITY (ODD) and restaurant chain Cava (CAVA).
