Birkenstock files for IPO

Birkenstock, the German sandal maker owned by L Catterton, filed for a U.S. IPO that Renaissance Capital estimates could raise around $750 million.

Why it matters: Birkenstock, which will list on the NYSE under ticker BIRK, is tapping the public markets at a crucial opening, following consumer-related IPOs Cava Group and Oddity Tech.

• The move also comes on the heels of filings by marketing automation provider Klaviyo and grocery delivery company Instacart.

By the numbers: The company reports €40 million of net income on €644 million in revenue for the six months ending March 31, compared with a €73 million profit on €542 million in revenue for the year-earlier period.

• The company has €172 million of cash as of March 31 and around €2.3 billion in debt.

Catch up quick: Goldman Sachs, JPMorgan Chase and Morgan Stanley are leading the offering for the 250-year-old sandal retailer.

• L Catterton and the family investment company of billionaire Bernard Arnault acquired a majority stake in Birkenstock in 2021, valuing it at about €4 billion ($4.3 billion).

The intrigue: "The aggregate of known valuations of expansion-stage companies in the US that have not experienced a major exit is over $900 billion, with that valuation having occurred 18 to 24 months ago," according to a Deloitte report.

• More than 2,000 companies that last raised expansion-stage financing from 18 to 24 months ago have an aggregate valuation of about $603 billion, per Deloitte.
• For those that have last raised in the last 12 to 18 months, that tally is around $856.6 billion across 2,750 companies, Deloitte says.