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The company plans to sell approximately 32 million shares within a price range of $44 to $49. Financière Agache, owned by the Arnault family, and the Norwegian sovereign wealth fund are expected to acquire up to $625 million in stock.
On Tuesday, Birkenstock set its U.S. IPO price at $46 per share according to anonymous sources’ reports. The sale of 32.3 million shares raised approximately $1.48 billion, leading to a valuation of around $9.3 billion on a fully diluted basis amidst market volatility. Despite strong demand that could have allowed for higher pricing, Birkenstock and its underwriters opted for conservative pricing and refrained from commenting further on the matter.
This launch positions Birkenstock as the fourth major company following Arm Holdings (NASDAQ:ARM), Instacart (NASDAQ:CART), and Klaviyo (NYSE:KVYO) to launch a U.S. IPO recently.
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