As numerous tech stocks embark on their IPO journey, German sandal brand Birkenstock has also joined the fray.
Birkenstock's revenue increased from $780 million in fiscal year 2020 to $1.3 billion in 2022. Net profit in 2022 increased from $108.7 million in 2020 to approximately $207 million.
German sandal manufacturer Birkenstock has submitted an IPO application in the United States, marking another sign of the IPO market heating up.
According to regulatory documents, Birkenstock plans to list on the New York Stock Exchange under the ticker symbol "BIRK".
Although the offering price has not been disclosed, it is estimated that Birkenstock's IPO valuation will be around $8 billion, according to Barron's.
Goldman Sachs, JPMorgan, and Morgan Stanley are the lead banks for this transaction.
Two years ago, private equity firm L Catterton acquired Birkenstock for approximately $4.9 billion with the personal investment of French luxury brand billionaire Bernard Arnault.
This is the latest example in a series of IPO projects this summer.
Arm Holdings, a chip design company owned by SoftBank, is expected to price on Wednesday evening and begin trading as early as Thursday, which could be the largest IPO of the year so far.
Delivery platform Instacart has also initiated the IPO process, and marketing and data automation company Klaviyo has also initiated the IPO process.
Birkenstock CEO Oliver Reichert wrote in a letter to regulators that submitting an IPO application is a "logical step" after the family's exit from operational business and L Catterton's investment. The company's "listing plans mark an important new milestone, inviting a broader range of investors to join our mission. This is the beginning of a new chapter."
According to the document, Birkenstock's revenue is projected to increase from $780 million in the 2020 fiscal year to $1.3 billion in 2022. Net profit is expected to rise from $108.7 million in 2020 to approximately $207 million in 2022.