German shoemaker Birkenstock has become the latest company to file for an initial public offering (IPO) in the U.S. as the market for new stock listings heats up.
The company, which was founded in 1774 and makes the popular Birkenstock sandal, plans to list shares on the New York Stock Exchange under the ticker symbol “BIRK.”
A date and offer price for the IPO have not yet been made public, but the listing is expected to value Birkenstock at $8 billion U.S., according to several media reports.
Birkenstock is the latest in a series of companies expected to hold an IPO this fall amid growing signs that the market for new stock issues is recovering after two down years.
British microchip designer Arm Holdings is expected to price its IPO today (September 13) and begin trading in New York as soon as September 14 in what could be the year’s biggest IPO.
Online grocery delivery company Instacart has also begun its IPO process and is expected to go public in late September or early October.
In the regulatory filing related to its IPO, Birkenstock said its revenue rose 67% to $1.3 billion U.S. in 2022 from $780 million U.S. in 2020.
The company’s net profits increased 85% to $200.7 million U.S. in 2022 from $108.7 million U.S. in 2020.
Investment banks Goldman Sachs (GS) and Morgan Stanley (MS) are among the Wall Street firms leading the IPO for Birkenstock.