Birkenstock to Enter New York Stock Exchange... "IPO Application Submitted"

German famous sandal brand Birkenstock has filed an initial public offering (IPO) application with the U.S. Securities and Exchange Commission (SEC) for listing on the New York Stock Exchange (NYSE), the Wall Street Journal (WSJ) and others reported on the 12th (local time). Birkenstock aims to be listed on the NYSE next month.

WSJ and Bloomberg News forecast Birkenstock's corporate value to reach $7 billion to $8 billion (approximately 9.3 trillion to 10.62 trillion KRW). The number of shares to be offered, the offering price, and the use of funds to be raised through this listing were not disclosed in detail.

Birkenstock's largest shareholder is El Catten Partners, a private equity fund affiliated with the French Louis Vuitton Mo?t Hennessy (LVMH) group. El Catten, jointly established by LVMH and a U.S. investment firm, and Financi?re Agache, the family holding company of LVMH Chairman Bernard Arnault, acquired Birkenstock in May 2021. Although the acquisition price was not disclosed, the market estimates it to be around 4 billion euros (approximately 5.7 trillion KRW).

[Image source=AFP Yonhap News]

Founded in 1774 by German shoemaker Johann Adam Birkenstock, Birkenstock gained fame for its unique arch-shaped sole tailored to the shape of the foot and its cork manufacturing method. It began to attract attention in overseas markets after entering the U.S. in 1966 and became famous as the preferred footwear of the late Steve Jobs, the founder of Apple.

Oliver Reichert, CEO of Birkenstock, stated in the IPO application, "We are the oldest startup on the planet," and described the brand as "one with resilience and reliability that has been passed down through multiple generations."

Alongside Birkenstock, other companies planning IPOs within the year include ARM, a British semiconductor design specialist and subsidiary of Japan's SoftBank; Instacart, the largest grocery delivery company in the U.S.; and Klaviyo, a marketing automation startup. Foreign media reported that amid the ongoing rally in the U.S. stock market this year, companies that postponed IPOs due to last year's market downturn are now resuming their listing plans one after another.

Bloomberg News reported, "With Birkenstock, ARM, Instacart, and Klaviyo lining up for IPOs, the IPO market is heating up," adding, "The U.S. IPO market is reviving after an 18-month slump."