London CNN –

German shoe maker Birkenstock has filed for an IPO in New York, making it the latest European company to choose the United States as its base Raise money on the stock market.

The iconic shoe brand said in a filing with the U.S. Securities and Exchange Commission on Tuesday that it plans to list on the New York Stock Exchange under the symbol “BIRK.” The company did not disclose its target price for the stock or its planned listing date.

The Financial Times reported on Tuesday that Birkenstock was seeking a valuation of more than $8 billion, citing unnamed sources familiar with the matter.

In its filing, the company said revenue increased 19% in the six months to the end of March compared to the same period in the 2021/22 financial year, but net profit fell 45%. Birkenstock said inflationary pressures had driven up labor and material costs.

The origins of the family business date back to 1774, when church archives mention Johannes Birkenstock, who worked as a shoemaker in Langen-Bergheim, Germany.

The Birkenstock is coming in 2021 family sold Most of the company will go to L Catterton, a private equity firm backed by LVMH – the owner of luxury brands such as Tiffany & Co. and Dior, with brothers Christian and Alex Birkenstock retaining a minority stake.

The planned IPO marks another milestone for the shoe manufacturer, which joins the ranks of well-known European companies that are aiming for an IPO not at home, but on the other side of the pond. British chip designer Arm is preparing for a blockbuster initial public offering on Nasdaq this week.

The listings come after an 18-month slump in the IPO market. As the world’s major central banks have raised interest rates to combat inflation, investors’ appetite for riskier assets has diminished. US grocery delivery company Instacart has also announced plans to list on the Nasdaq in the near future, although at a significant discount to recent valuations.

“It’s safe to say the U.S. is leading the way [IPO] “We are currently experiencing a revival and other financial centers, particularly London, still have a lot of work to do to better compete in the future,” Craig Erlam, senior market analyst at Oanda, told CNN.

Susannah Streeter, head of money and markets at Hargreaves Lansdown, added in a note on Wednesday: “Birkenstock’s move shows the IPO engine is coming back to life after an 18-month downturn. Hopes the end of the rate hike cycle is in sight [are] also promotes more self-confidence.”

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