By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
IndebtaIndebta
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Notification Show More
Aa
IndebtaIndebta
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
Indebta > News > Birkenstock valued at $8.6bn after pricing IPO in middle of range
News

Birkenstock valued at $8.6bn after pricing IPO in middle of range

News Room
Last updated: 2023/10/10 at 9:15 PM
By News Room
Share
3 Min Read
SHARE

Unlock the Editor’s Digest for free

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

German sandal maker Birkenstock priced its shares at $46 in an initial public offering ahead of its first day of trading on Wednesday, giving the company a market valuation of $8.6bn.

The price is in the middle of a range of $44 to $49 set by the company last week, reflecting demand for its shares as the group perpetuates a revival in the US IPO market after a dearth of deals since the start of 2022.

Birkenstock’s public debut will raise about $1.5bn, with a third of the proceeds going to the company to repay debt and the rest going to private equity owner L Catterton. On a fully diluted basis, which takes into account stock options and other rights, the company would have an initial market value of $9.3bn.

It is set to be the third-largest US listing of the year, according to Dealogic data. Birkenstock will trade on the New York Stock Exchange.

L Catterton, which is backed by French luxury fashion house LVMH, bought a majority stake in a €4bn deal in 2021 — the first time Birkenstock had taken private equity financing.

The company and its advisers have lined up anchor investors for the deal. Financière Agache, the family holding company of LVMH chief executive Bernard Arnault, has indicated an interest in purchasing up to $325mn of shares, according to a prospectus for the offering.

Arnault’s son Alexandre is expected to join the company’s board of directors following the IPO.

The Norwegian sovereign wealth fund and Durable Capital Partners also plan to buy up to a further $300mn of shares.

Birkenstock, which traces its roots back to 1774, reported revenue of €1.1bn ($1.2bn) in the nine months to the end of June, up 21 per cent year on year. However, net profits dropped 20 per cent to €103mn.

The market debut comes after three high-profile listings last month.

The tech-related companies Arm, Instacart and Klaviyo all priced their IPO deals at the top of or above their target ranges, though trading in the stocks has been mixed in the weeks since.

It would also be the second IPO for one of L Catterton’s portfolio companies in a matter of months, following online beauty retailer Oddity Tech’s listing on the Nasdaq exchange in July.

Read the full article here

News Room October 10, 2023 October 10, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
UBS and Citi among nine banks fined $21.5mn in Singapore money-laundering case

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

Air France-KLM to take majority stake in Scandinavian Airlines

Stay informed with free updatesSimply sign up to the Airlines myFT Digest…

Hitachi Energy says AI power spikes threaten to destabilise global supply

Stay informed with free updatesSimply sign up to the Artificial intelligence myFT…

The Lunar Society is a cautionary tale for Trump’s America

Unlock the White House Watch newsletter for freeYour guide to what Trump’s…

Indian regulator temporarily bans Jane Street from dealing securities

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

- Advertisement -
Ad imageAd image

You Might Also Like

News

UBS and Citi among nine banks fined $21.5mn in Singapore money-laundering case

By News Room
News

Air France-KLM to take majority stake in Scandinavian Airlines

By News Room
News

Hitachi Energy says AI power spikes threaten to destabilise global supply

By News Room
News

The Lunar Society is a cautionary tale for Trump’s America

By News Room
News

Indian regulator temporarily bans Jane Street from dealing securities

By News Room
News

EU watchdog warns Ursula von der Leyen against rushing deregulation

By News Room
News

German business warns army draft would deepen worker shortage

By News Room
News

Donald Trump’s ‘big, beautiful bill’ provides windfall for US immigration offensive

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?