German footwear retailer Birkenstock has reportedly filed for an initial public offering (IPO) on the New York Stock Exchange following months of speculation.
Sources familiar with the matter said that Birkenstock’s private equity owner L Catterton had plans to list from October, 9, after it filed a confidential prospectus to regulators earlier this year, according to The Financial Times.
While the expected range of the share price was not included in the filing, it is anticipated that the retailer could value at more than $8bn (£6.26bn).
It will reportedly list under the name ‘BIRK’, and this would be the second IPO for L Catterton’s portfolio this year, following online beauty retailer Oddity Tech’s listing on the Nasdaq Stock Exchange in July, which raised more than $400m (£312.9m).
Birkenstock posted revenue of $644m (£516.7m) for the six months to March 31, 2023, up 19% year on year. Net profit for the period dropped 45% to reach $40m (£32.09m), which the retailer attributed to “a sharp rise in operating expenses”.
L Catterton acquired a majority stake in the footwear retailer in February 2021 in a deal that valued Birkenstock at €4bn (£3.43bn).
The footwear retailer’s owners, Christian and Alex Birkenstock, kept a minority stake in the business and Birkenstock said at the time that the money would be used to “pursue growth in markets such as China and India, as well as expand its ecommerce business”.
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