Birkenstock files for IPO in US

After teasing going public since July, German footwear giant, Birkenstock, has announced it has filed for an IPO in New York.

The footwear brand, loved by the fashion elite and hippies alike, have not yet determined the number of shares to be sold or the price point as of yet. However, the company intends to apply to list its ordinary shares on the New York Stock Exchange under "BIRK".

On Tuesday, the company said that it had not yet determined the value of its flotation, however, according to sources, it could be valued at over £6.2 billion ($8 billion). The owners, L Catterton, which purchased a majority stake in Birkenstock in 2021, could receive a bumper return.

L Catterton was formed in 2016 when LVMH and Bernard Arnault’s family holding company merged with US private equity firm Catterton. Since then, the firm has rapidly expanded and now manages around £23 billion ($30 billion) in assets.

Goldman Sachs Group, JP Morgan Chase and Morgan Stanley are managing the offering. This comes comes more than two years after L Catterton and the family investment company of billionaire Bernard Arnault acquired a majority stake in Birkenstock, valuing it at about €4 billion ($4.3 billion).

The Birkenstock family is still involved in the brand and brothers Christian and Alex Birkenstock still hold shares. The brothers were believed to have netted around £1.3bn each after the sale to L Catterton and could be in for another big payday if the brand floats, though it is not known how large their shareholdings are.