German Footwear Birkenstock Files For US IPO Listing; Details Here

German footwear brand Birkenstock has filed for an initial public offering (IPO) in the US stock market, becoming the second European company to seek a foreign listing this month. Goldman Sachs, J.P. Morgan and Morgan Stanley are the lead underwriters for the IPO.

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The exchange filing to the US regulators by the company did not disclose the financial details of the offering. However, it informed the regulatory that its net revenue for the six months ended March 31 rose 19% to $692.87 million and profit fell 45.3% to €40.21 million.

The German sandal maker's plans for an IPO closely follow the filings from British chipmaker Arm, data automation provider Klaviyo, and grocery delivery app Instacart. These moves come as U.S. equity markets regain momentum following a sluggish start to the year, marked by uncertain economic prospects.

IPO filing by Birkenstock also came after its marketing blitz in the movie ‘Barbie’, in which Margot Robbie was seen wearing a pink pair of Birkenstocks, which boosted the popularity of the brand.

Incorporated in 1774, the family-owned brand said it intended to list its shares under the "BIRK" ticker on the New York Stock Exchange. In July, Birkenstock majority owner L Catterton's beauty firm Oddity Tech rose 40% on its Nasdaq debut. L Catterton is a private equity firm backed by LVMH.

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Arm, which is owned by SoftBank Group, and Birkenstock's choice to go public outside of Europe coincides with a subdued year for IPO markets in the region, with volumes significantly below the record levels of 2021. In contrast, data from Dealogic reveals that U.S. listings have raised nearly twice as much capital as they did in 2022.