2023-10-02 14:29:15
Shoe manufacturer Birkenstock has set the terms for its planned initial public offering in the United States. Up to 33.26 million shares will be offered at a price of $44 to $49 per common share. This emerges from a statement from the American Securities and Exchange Commission (SEC) on Monday. This means that Birkenstock’s move onto the trading floor could bring in more than $1.6 billion gross. The shares will be listed on the New York Stock Exchange (NYSE).
10.8 million shares come from a capital increase, the remaining two thirds come from the holdings of the main shareholder L Catterton, a partnership of the private equity company Catterton, the luxury goods group LVMH and Financière Agache, the family holding company of LVMH CEO Bernard Arnault. L Catterton will retain control of Birkenstock after the IPO.
Norway’s sovereign wealth fund and former T. Rowe Price investment chief Henry Ellenbogen’s Durable Capital Partners LP have expressed interest in buying a total of $300 million worth of shares. This was announced by Financière Agache. Birkenstock wants to use the net proceeds to repay debts. The issue price is to be set on October 10th and trading will begin the following day.
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