Birkenstock announces stock market debut in the upcoming week.
According to a media report, the sandal manufacturer Birkenstock is expected to announce plans for its stock market debut this week. This is said to be done through a filing with the US Securities and Exchange Commission (SEC), as reported by the „Handelsblatt“ on Sunday evening, citing financial sources. The first trading day on the New York Stock Exchange (NYSE) is scheduled for the week starting on October 9th.
In the course of the initial public offering, it is expected that ten to fifteen percent of the shares will be sold at a minimum valuation of eight billion dollars. Since the company is presented to investors as a manufacturer of lifestyle and luxury products, a significantly higher valuation of ten to 11.5 billion dollars is also possible. According to the report, Birkenstock and the owners of the company declined to comment.
In 2021, the Birkenstock founding family sold the majority of the company to the private equity firm L Catterton. Since then, approximately 65 percent is owned by the financial investor, while Bernard Arnault, the founder of luxury conglomerate LVMH, holds around 20 percent through his subsidiary Agache.
During the initial public offering, the owners may choose to distribute shares proportionally. However, it is also possible for Agache to strengthen its position by selling fewer shares and L Catterton to sell more. Arnault is satisfied with the current Birkenstock investment and intends to increase his stake in the medium term rather than reduce it.