class=”sc-29f61514-0 icZBHN”>
Birkenstock’s New York IPO is expected to raise $1.6 billion for the sandal maker and its major shareholder. Birkenstock set the price range for the issue price of its shares between $44 and $49. At the lower end of this, the stock sale would still be worth $1.4bn (over €1.3bn). Birkenstock is expected to be valued at around ten billion dollars in total at listing launch, according to the updated prospectus published on Monday.
Its main owner, L Catterton, a company linked to luxury group LVMH and its billionaire boss Bernard Arnault, will offer around two-thirds of the papers. Birkenstock itself could also fetch a good amount, up to $520 million. The company wants to use most of the money to reduce debt.
L Catterton will retain control of Birkenstock after the IPO. According to the information obtained, Norway’s national wealth fund, investment company T.Rowe Price and Henry Ellenbogen’s investment company also expressed interest in larger share blocks. According to information from financial service Bloomberg, Birkenstock aims to enter the stock market next week.
With the plans, Birkenstock is jumping on a wave of activity after more than a year of stagnation in the U.S. stock market. In the coming weeks, chip designer Arm and delivery service Instacart also went public. Arm stock has recently been trading well below its current highs, and its Instacart price has fallen below its issue price.
Birkenstock’s origins date back to 1774, according to the company. Nearly 250 years ago, shoemaker Johannes Birkenstock laid the foundations of the “shoemaking dynasty.” The company describes itself as the “inventor of the footbed.” Sandals have long since broken away from the old eco-slippers image; In recent years, they have increasingly become a fashion accessory, thanks to collaborations with high-end brands such as Dior and Manolo Blahnik. (pbe/SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
On the same day of the terrorist attack on the Krokus City Hall in Moscow,…
class="sc-cffd1e67-0 iQNQmc">1/4Residents of Tenerife have had enough of noisy and dirty tourists.It's too loud, the…
class="sc-cffd1e67-0 iQNQmc">1/7Packing his things in Munich in the summer: Thomas Tuchel.After just over a year,…
At least seven people have been killed and 57 injured in severe earthquakes in the…
The American space agency NASA would establish a uniform lunar time on behalf of the…
class="sc-cffd1e67-0 iQNQmc">1/8Bode Obwegeser was surprised by the earthquake while he was sleeping. “It was a…