The German upmarket sandal maker, Birkenstock, commenced trading on the New York Stock Exchange (NYSE) under the ticker symbol "BIRK" on Wednesday. The company's initial public offering (IPO) was priced at $46 a share, bringing the 249-year-old firm's valuation to approximately $8.64 billion.
The Frankfurt-based firm announced its IPO on Tuesday, October 10. Through this process, Birkenstock Holding Ltd. sold around 10.8 million shares and raised about $495 million. In addition to this, other shareholders unloaded an additional 21.5 million shares.
Founded by Johann Adam Birkenstock in 1774, the company was initially perceived as unfashionable. However, it has since undergone a popularity surge and boasts high-profile fans such as supermodels Gigi Hadid and Kendall Jenner. Birkenstock was one of four companies that launched their IPOs in the US in September 2023.
The move to go public comes after a significant growth in popularity for the brand, which is now globally recognized for its sandals. The successful IPO signifies a new chapter for the historic footwear company as it begins trading on the NYSE.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.