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Birkenstock to target $8.6 bn IPO valuation: reports

Stock flotation marks a new milestone

11 October, 09:22

(ANSA-AFP) - NEW YORK, OCT 11 - German sandals maker Birkenstock will launch on the New York stock exchange on Wednesday in an initial public offering that values the company at $8.6 billion, according to multiple media reports. Shares in the company, which was in the hands of the founding family until 2021, will be priced at $46, the Wall Street Journal, CNBC, and other media reported. This would be in the middle of the company's $44-49 target, giving it a market value of just over $8.6 billion. Birkenstock started life as an orthopedic shoemaker, but has since shed its unflattering association with sock-and-sandal-wearing Germans to become a fashion accessory, as illustrated in the latest Hollywood blockbuster "Barbie." The stock flotation marks a new milestone, just two years after the Birkenstock heirs sold a majority stake to private equity group L Catterton and the family holding fund of French luxury magnate Bernard Arnault. (ANSA-AFP).

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