Birkenstock gears up for roadshow in next test for IPO market
The German footwear maker plans to start taking investor orders early next week, the people said, asking not to be identified because the information is private. It’s considering seeking a valuation of $10 billion or more in the IPO, according to the people.
Birkenstock, which is backed by private equity firm L Catterton
The plans are fluid and could still change depending on market conditions. A representative for Birkenstock declined to comment.
Birkenstock is moving ahead after investor enthusiasm started to wane for some of the blockbuster listings of recent weeks. UK chip designer Arm Holdings Plc and grocery delivery startup Instacart, which both priced their listings at the top of their price ranges or higher, have slipped toward their issue prices amid a broader market retreat.
Vietnamese internet startup VNG Ltd. last week delayed its plans for a US listing after being advised to hold off until market demand improves, Bloomberg News has reported. Others are still doing well, with marketing and data automation provider Klaviyo Inc. still up 16% from its IPO price.
An IPO of Birkenstock would come more than two years after L Catterton and luxury tycoon Bernard Arnault
The offering is being arranged by banks including Goldman SachsMorgan Stanley