Birkenstock is seeking a valuation of up to $9.2 billion in its U.S. initial public offering (IPO), according to updated documents filed Monday with the Securities & Exchange Commission.
Birkenstock plans to sell stock at between $44 and $49 per share. Birkenstock filed for an IPO on September 14 but did not indicate the number of shares it planned or the projected price range.
At the top of the price range, Birkenstock would have an initial market capitalization of $9.2 billion based on outstanding shares after the offering or $9.9 billion on a fully diluted basis.
Birkenstock and selling stockholders, private equity owner L Catterton, expect to sell at least 32 million shares, likely priced between $44 and $49. The sale could raise about $1.58 billion at the top end of the range. About one-third of the deal’s proceeds will go to Birkenstock, which said it would use the funds to repay debt, with the rest going to L Catterton.
The company and its advisers have lined up anchor investors for the deal.
Financière Agache, the family holding company of LVMH chief executive Bernard Arnault, indicated an interest in purchasing up to $325 million shares. According to the filing, Arnault’s son Alexandre will join the company’s Board of Directors following the IPO.
The Norwegian sovereign wealth fund and Durable Capital Partners plan to buy up to an additional $300 million shares. L Catterton, backed by French luxury fashion house LVMH, is expected to list the business next week.
Birkenstock, which traces back to 1774, took private equity money for the first time when L Catterton bought a majority stake in a €4 billion deal in 2021. In the fiscal nine months through June 30, revenues grew 21 percent to €1.1 billion ($1.15 bn). However, net profits dropped 20 percent to €103 million ($108 mm).
Photo courtesy Birkenstock
