German footwear giant Birkenstock has filed for an initial public offering (IPO) on the New York Stock Exchange (NYSE), aiming for a valuation exceeding $8 billion. The move comes in the wake of British chipmaker Arm's filing for a foreign listing on the NYSE, making Birkenstock the second European firm this month seeking a US IPO.
The confidential prospectus was initially submitted to regulators in July, but the public filing will enable Birkenstock to join the NYSE from early October. The financial details of the filing were not disclosed, and the IPO’s price per ordinary share remains undisclosed.
Birkenstock's revenues for the six months ending March 31 showed a net growth of 19%, rising to approximately $692.87 million from around $543 million during the same period last year. However, the company's net profit fell to around $40 million, a 45.3% drop from $73 million in the previous year.
The company has indicated that the COVID-19 pandemic "has had, and could have, an adverse effect" on its business. The extent of this impact throughout 2023 and beyond is dependent on several unpredictable factors, including future outbreaks, vaccine availability, and effectiveness, as well as global economic conditions.
This IPO marks a significant milestone for Birkenstock, which accepted private equity funding for the first time in 2021 when L Catterton acquired a majority stake. It will be the second IPO for one of L Catterton's portfolio companies in just a few months, following online beauty retailer Oddity Tech's NASDAQ listing in July.
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