There’s big money in trendy sandals.
German shoemaker Birkenstock could be valued at up to $10 billion when it lists its shares on the stock market for the first time. The iconic footwear brand plans to sell shares for between $44 and $49 apiece when it debuts on the New York Stock Exchange, aiming to raise as much as $1.6 billion, it said in a filing Monday. It did not set a date for its initial public offering. At the top of the price range, Birkenstock would have a market capitalization of $9.
The firm made a pre-tax profit of €154.2 million in that period. Birkenstock scored a major boost to its profile this summer when a pair of its sandals was featured in the wildly successful “Barbie” movie. The shoemaker’s upcoming listing is a coup for the US market, and another loss for stock exchanges in Europe. UK-based chip designer Arm was lured to US shores last month, listing on the Nasdaq, and currently has a market capitalization of $54 billion.
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