Deal comes at a time of weak aftermarket performance by recent deals
The initial-public-offering market is gearing up for the arrival of the Birkenstock deal this week, with the iconic German sandal maker expected to price its stock on Tuesday for a Wednesday debut.
The company has applied to be listed on the New York Stock Exchange under the ticker BIRK. Goldman Sachs, JPMorgan and Morgan Stanley are lead underwriters in a team of 22 banks working on the deal. Underwriters have the option to purchase up to 4.8 million more shares from the selling shareholders to cover overallotments.
Even before the current hostilities in Israel broke out, the market had seen three key deals lose some of their luster in the days immediately following their debuts. The company raised $6.8 million in its initial public offering by selling 1.7 million shares. With 25.6 million shares outstanding, the company had a valuation of $102.4 million at the IPO price. The stock is trading on Nasdaq under the ticker GPAK.
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