German shoe brand Birkenstock is going to IPO on the New York Stock Exchange. Shares of the manufacturer will be offered to investors at a price from 44 to 49 dollars. The company will be listed under the ticker symbol “BIRK.”
Birkenstock’s plans to go public became known in September when the company filed a registration statement with the U.S. Securities and Exchange Commission. Goldman Sachs, J.P. Morgan and Morgan Stanley are known to be the lead underwriters of the IPO.
In the offering, Birkenstock will offer 10.7 million shares for sale and the selling shareholder will offer another 21.5 million shares. In addition, investors will be provided an additional 4.8 million shares of stock under the exchange’s over-allotment clause, which allows the additional shares to be repurchased within 30 days.
Analysts value the shoe brand’s business at $9.2 billion. The sale of about 32 million shares is expected to generate at least $1.6 billion for the company.
Birkenstock Group B.V. & Co. KG is a German shoe manufacturer known for its sandals and other shoes notable for contoured cork footbeds (soles) made with layers of suede and jute, which conform to the shape of their wearers’ feet. Founded in 1774 by Johann Adam Birkenstock and headquartered in Neustadt, Rhineland-Palatinate, Germany.
