German shoemaker Birkenstock is expected to price its IPO at $46 per share on Tuesday.
German shoemaker Birkenstock is expected to price its IPO at $46 per share, according to a person familiar with the matter.
The expected pricing came in just shy of the midpoint of Birkenstock's stated range of $44 to $49 per share and gives it a market cap that's aboveThe company initially expected to sell about 10.75 million ordinary shares in the offering and could raise around $495 million when it begins trading on the New York Stock Exchange under the ticker"BIRK."
Birkenstock, which has been in the footwear business since 1774, is going public about two years after private equity firm L Cattertonin the business at a valuation of $4.85 billion. It decided to go public so it can boost its valuation and gain access to the capital markets, and plans to use proceeds from the offering to pay off loans, according to a securities filing.
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