Birkenstock Holding plc announced the pricing of an underwritten secondary public offering of 14 million of its ordinary shares by L Catterton, its majority shareholder, at a price to the public of $54.00 per share.
The sale comprises 9.9 million shares solely controlled by L Catterton and 4.1 million shares the private equity firm and certain executives and other employees have shared voting and dispositive power over.
L Catterton will have roughly a 73 percent stake in Birkenstock after the sale. The underwriters have the option to buy an additional 2.1 million shares from L Catterton.
The closing of the offering is expected to occur on June 28, 2024, subject to customary closing conditions.
Shares of Birkenstock closed on Wednesday, June 26, at $54.61 compared to its IPO price of $46.
Goldman Sachs & Co. LLC and J.P. Morgan are joint lead book-running managers for the proposed offering. BofA Securities, Citigroup, Evercore ISI, Jefferies, Morgan Stanley, UBS Investment Bank, BMO Capital Markets, BNP PARIBAS, and HSBC are bookrunners for the proposed offering. Baird, Deutsche Bank Securities, Stifel, William Blair, Williams Trading, Telsey Advisory Group, Academy Securities, Independence Point Securities, and Loop Capital Markets are co-managers for the proposed offering.
Image courtesy Birkenstock
