Birkenstock files for IPO
The brand’s owner, L Catterton, is said to be aiming to list the week beginning 9 October, sources told the Financial Times
Birkenstock has filed for an IPO in New York, targeting a valuation of more than $8bn (£6.4bn), according to The Financial Times.
The footwear company reportedly filed a confidential prospectus to regulators in July, but this public filing would allow the company to join the New York Stock Exchange from early October.
The brand’s owner, L Catterton, is said to be aiming to list the week beginning 9 October, sources told the Financial Times.
Goldman Sachs and Co. LLC, J.P. Morgan and Morgan Stanley are acting as joint lead book-running managers for the proposed offering. BofA Securities, Citigroup, Evercore ISI, Jefferies, UBS Investment Bank, BNP PARIBAS, Bernstein, and HSBC are acting as bookrunners for the proposed offering, and Baird, BMO Capital Markets, Deutsche Bank Securities, Piper Sandler, Stifel, William Blair, Telsey Advisory Group and Williams Trading LLC are acting as co-managers.
Last month, it was reported that Birkenstock’s full-year profits in its UK division fell by 12% to £3.9m, despite its revenue surging 49% to £34.5m.
While the retailer’s wholesale revenues increased 40% from £21.2m to £30m, its EBITDA decreased to £822k, down from £1.2m in 2021.
According to the retailer, “administrative expenses” that added up to more than £4.4m led to operating profits dropping from £962,506 to £743,632.
However, full-year retail revenues still more than doubled, growing 139% year-on-year to £4.5m in the year. During this period, retail represented 13% of the group’s total revenue.
L Catterton bought a majority stake in the company in 2021 in a deal valuing Birkenstock at €4bn (£3.4bn), and two members of the Birkenstock family retain a minority share.
L Catterton has been contacted for further comment.
