German sandal maker Birkenstock has gone public. The company successfully closed an initial public offering on the New York Stock Exchange and received a valuation of $8.6 billion. At the beginning of trading, Birkenstock shares were worth $46, but on the first day they fell 12%.
Sandal maker Birkenstock held an initial public offering on the New York Stock Exchange. The company received a valuation of $8.64 billion, CNBC reports. During the IPO, Birkenstock sold 10.7 million shares and raised $495 million.
Birkenstock shares fell sharply on the first day of trading. At the opening, the company’s securities were trading at $46 per share, but by 22:00 Moscow time they had fallen by 11.5% to $40.8. Birkenstock’s market capitalization fell from its initial $8.6 billion to $7.5 billion.
In 2021, investment company L Catterton bought a 70% stake in Birkenstock from brothers Alex and Christian Birkenstock. At the time of the transaction, the company was valued at $4.8 billion.
At the end of fiscal 2020, Birkenstock sales amounted to $771 million.
Author:
Kirill Bilyk
Source: RB
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