Footwear retailer Birkenstock has confirmed media speculation that it plans to launch an initial public offering (IPO).
The German company announced Tuesday plans to float on the New York Stock Exchange under the ticker ‘BIRK’.
The company has publicly filed a registration statement on Form F-1 with the US Securities and Exchange Commission (SEC) relating to a proposed IPO of its ordinary shares.
Goldman Sachs , J.P. Morgan, and Morgan Stanley are acting as joint lead book-running managers for the proposed offering.
The number of ordinary shares to be sold and the price range for the offering have not yet been determined.
Birkenstock files for IPO
The news confirms speculation circulating on various news outlets in recent months that LVMH-backed L Catterton, which acquired a majority stake in Birkenstock in 2021, was looking to take the company public.
Last month, Bloomberg reported that L Catterton was considering an IPO for the retailer that could value the business at more than 8 billion dollars.
In the same filing Tuesday, Birkenstock revealed that revenue for the six months to March 31 increased 19 percent to 644.17 million euros.
However, net profit at the footwear manufacturer narrowed to 40.2 million euros from 73.5 million euros.
For the year ended September 2022, the company generated revenue of 1.24 billion euros, up 29 percent from the 962 million euros it made a year earlier.
It also swung to a net profit of 187.1 million euros from a loss of 17.2 million euros the prior year.