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Sandal maker Birkenstock Holding (BIRK) is expected to price its initial public offering at the high end of its indicated range of $44–$49 a share.
A price at the top end of the range would value Birkenstock at about $10 billion, and the company would raise $1.58 billion in the IPO. The German footwear company will make a final decision on pricing on Tuesday before it debuts in New York on Wednesday, according to a Reuters report on Sunday, which cited people familiar with the matter.
At a $10 billion valuation, Birkenstock (BIRK) would be the third biggest footwear company after Nike (NKE), whose market cap is $148 billion, and Deckers Outdoor Group (DECK), which has a $13 billion valuation. On Holding (ONON) is currently the third-largest, with a market cap of $8.47 billion.
The sandal maker is moving forward with its IPO even after some recent IPOs, including Arm Holdings (ARM) and Instacart (CART), dropped in the days after they went public, according to a CNBC report last month.
Birkenstock (BIRK) filed for an IPO on September 12. The company, backed by LVMH Moët Hennessy Louis Vuitton (OTCPK:LVMHF), Société Européenne’s private equity arm, L Catterton, plans to list on the NYSE with the ticker BIRK.
