Birkenstock Holding gained enough investor demand to price its initial public offering at the high end of its indicated price range and reach a valuation of $10 billion, sources told Reuters.
According to the report, a final decision on pricing the IPO at the high end of the $44 to $49 per share range is expected on October 10, a day before Birkenstock’s shares will to debut on the New York Stock Exchange. The move could see the company raise $1.6 billion.
Birkenstock and selling stockholders, private equity owner L Catterton, expect to sell at least 32 million shares.
About one-third of the deal’s proceeds will go to Birkenstock, which said it would use the funds to repay debt, with the remaing funds going to L Catterton.
Photo courtesy Birkenstock
