The 249-year-old German maker of upmarket sandals set a price of 46 dollars (£38) per share for its initial public offering of stock, valuing the company at 8.64 billion dollars (£7.02 billion). The stock opened for trade at 41 dollars (£33), which was below the range of 44 to 49 dollars (£35-£39) it had been expected to price just a week ago. Birkenstock is due to start trading on Wednesday on the New York Stock Exchange under the “BIRK” ticker symbol. Birkenstock makes all of its footbeds in Germany and assembles more than 95% of its products there. The company’s revenue has increased from 727.9 million euros (£628 million) in fiscal 2020 to 1.24 billion euros (£1.06 billion) in fiscal 2022.

Source: The Times October 11, 2023 18:16 UTC