Birkenstock prices US IPO at $46 per share

German premium footwear maker Birkenstock has priced its U.S. initial public offering (IPO) at $46 per share, in the middle of its indicated price range of $44 to $49 per share. The IPO raised approximately $1.48 billion, valuing the company at around $9.3 billion on a fully diluted basis.
Despite demand being strong enough to price the shares at the top end of the range, the company and underwriters opted for a more conservative pricing approach due to market volatility. After the IPO, L Catterton will retain an 82.8% stake in Birkenstock and control a majority of the voting power. Trading of Birkenstock’s shares will begin on the New York Stock Exchange under the ticker “BIRK.”