Illustration: Tiffany Herring/Axios
Birkenstock, the German sandal maker owned founded nearly 250 years ago, has filed for its IPO on the New York Stock Exchange.
Why it matters: This reflects how the recent IPO revival isn't limited to any one sector. Everyone into the pool, even if you're wearing cork-soled sandals.
Details: Birkenstock, founded nearly 250 years ago and now controlled by private equity firm L Catterton, plans to list under ticker "BIRK," with Renaissance Capital estimating that it could raise around $750 million.
- It reports $40 million of net income on €644 million in revenue for the six months ending March 31, 2023, compared to €73 million profit €542 million in revenue for the year-earlier period.
- The company has €172 million of cash as of March 31, and €2.3 billion in debt.
More, per Bloomberg: "A listing would cap off a successful run for the company, whose family heirs stepped back from management duties about a decade ago. Since then, it's streamlined strategy, launched high-profile collaborations and experienced explosive growth in demand."