The German shoe maker expects to price its IPO between $44 and $49 per share.
Birkenstock is set to price its initial public offering Tuesday evening, with shares expected to begin trading on the New York Stock Exchange Wednesday under the ticker symbol BIRK.
Even at the lower valuation, Birkenstock would have a bigger market capitalization than peers Allbirds , Skechers , Crocs , and Steve Madden and its valuation would be about double the roughly $4.3 billion private-equity firm L Catterton paid to acquire the company in early 2021. Some, however, aren’t convinced. To justify a valuation of $8 billion, Birkenstock would need to generate more than $3.8 billion in annual revenue—or about three times its fiscal 2022 revenue, David Trainer, CEO at investment research firm New Constructs, says.
The likelihood of Birkenstock following a similar path to Allbirds is “very low,” Alex Smith, global sector lead at research firm Third Bridge, says. Unlike Allbirds, which is a relatively new company, Birkenstock has a loyal customer base and a “rich history” that spans 250 years.
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