Birkenstock prices its initial public offering of stock valuing the sandal maker at $8.64 billion

New York –

Birkenstock has set a value for its preliminary public providing of inventory that values the 249-year-old German maker of upmarket sandals at $8.64 billion.

The firm mentioned Tuesday that it had priced its IPO at $46 a share, in the course of its anticipated value vary of $44 to $49 per share. It is because of begin buying and selling Wednesday on the New York Stock Exchange beneath the “BIRK” ticker image.

Birkenstock Holding Ltd. bought about 10.8 million shares within the providing, elevating about $495 million. Its shareholders bought a further 21.5 million shares.

The firm’s footwear was first cobbled collectively by Johann Adam Birkenstock in Germany in 1774. The sandals have lengthy been derided because the antithesis of excessive style however have a cult following and this yr obtained a plug within the blockbuster movie “Barbie.”

Birkenstock’s IPO would be the fourth to launch within the U.S. previously month, following Arm Holdings, Klaviyo and Instacart. There have been simply 71 IPOs within the U.S. final yr, the bottom quantity since 2009, in line with Renaissance Capital.