German sandal maker Birkenstock has filed papers for an initial public offering (IPO) in the U.S., signaling a heated market for new listings. The company aims to list on the New York Stock Exchange under the ticker symbol “BIRK.” While the offering price has not been disclosed, insiders speculate that the IPO could value Birkenstock at around $8 billion. Leading banks, including Goldman Sachs, J.P. Morgan, and Morgan Stanley, are overseeing the deal.
This IPO follows Birkenstock’s acquisition by private-equity firm L Catterton, in partnership with French luxury brand billionaire Bernard Arnault, two years ago. The move comes amid a flurry of IPO activity during late summer. Arm Holdings, a chip designer owned by SoftBank, is set to price its IPO later this week and may become the largest new listing of the year. Additionally, delivery platform Instacart and marketing and data automation firm Klaviyo have initiated their IPO processes.
Birkenstock CEO Oliver Reichert expressed that filing for an IPO was a “logical step” after stepping back from the family’s operational business and receiving investment from L Catterton. He sees it as an opportunity to invite a broader group of investors to join their journey and marks it as a new chapter for the company.
According to the filing, Birkenstock’s revenue increased from $780 million in fiscal 2020 to $1.3 billion in 2022. Net profit also rose from $108.7 million in 2020 to approximately $200.7 million in 2022.