Published on Oct 2, 2023 at 5:27 p.m.
PARIS (Agefi-Dow Jones)–The German sandal manufacturer Birkenstock, in which LVMH has invested indirectly, expects to be valued at up to 9.2 billion dollars (around 8.7 billion euros) at occasion of its IPO in New York, according to a document filed Monday with the Securities and Exchange Commission.
The company plans to issue nearly 10.8 million new shares at a price between $44 and $49 per unit. It expects net proceeds linked to the sale of these securities of 450.2 million euros in the middle of the range.
Its main shareholder, L Catterton, plans to sell 21.5 million Birkenstock shares, representing a cumulative offering of 32.3 million shares. L Catterton is a private equity fund co-controlled by LVMH.
The fund will remain by far the largest shareholder of Birkenstock with around 83% of the capital after the IPO.
The securities will trade on the New York Stock Exchange under the symbol “BIRK”. Goldman Sachs, JPMorgan and Morgan Stanley are the lead managers of this operation.
The sandal manufacturer’s target capitalization is higher than the estimates circulating last month, when the company filed the first documents for its IPO. According to the Wall Street Journal, shareholders then expected a valuation of more than $7 billion.
The company does not seem to have been burned by the setbacks of British chip designer Arm Holdings and delivery platform Instacart, which after making strong progress during their recent listing on Wall Street, then gave up most of their gains.
During the financial year ending at the end of September 2022, Birkenstock generated a turnover of 1.24 billion euros and a net profit of 187 million euros.
-Colin Kellaher, The Wall Street Journal
(French version and contribution François Schott) ed: LBO
Agefi-Dow Jones The financial newswire
Dow Jones Newswires
October 02, 2023 11:27 AM ET (3:27 PM)
2023-10-02 15:27:00
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