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Germany's Birkenstock valued at $8.6 billion before IPO

The entrance to a Birkenstock store, Oct. 4, 2023, in Frankfurt, Germany.
The entrance to a Birkenstock store, Oct. 4, 2023, in Frankfurt, Germany. Copyright AP Photo
Copyright AP Photo
By Euronews with AP
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The footwear company sold its first pair of shoes in 1774 and supermodels still wear their products today.

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Cork-soled shoemaker Birkenstock is debuting on the New York Stock Exchange on Wednesday under the “BIRK” ticker symbol.

The company has priced its IPO at $46 a share, in the middle of its expected price range of $44 to $49 per share. 

Doing so values the 249-year-old German sandal maker at $8.64 billion (€8.14 billion).

Birkenstock Holding Ltd has sold about 10.8 million shares in the offering, raising about $495 million. Its shareholders have sold an additional 21.5 million shares.

The company's footwear was first cobbled together by Johann Adam Birkenstock in Germany in 1774. 

The sandals were long derided as the antithesis of high fashion but have cultivated a cult following in recent years.

Big fans of the brand include supermodels and celebrities such as Gigi Hadid and Kendall Jenner, and this year it even got a plug in the blockbuster film “Barbie.”

Birkenstock's IPO will be the fourth to launch in the US in the past month, following Arm Holdings, Klaviyo and Instacart. 

There were just 71 IPOs in the US last year, the lowest number since 2009, according to Renaissance Capital.

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