LVMH-backed Birkenstock was set for a New York listing on Wednesday after the German luxury sandal maker notched a valuation of $9.3 billion in its U.S...
- LVMH-backed Birkenstock was set for a New York listing on Wednesday after the German luxury sandal maker notched a valuation of $9.3 billion in its U.S. initial public offering.
Birkenstock is the fourth major company to launch a U.S. IPO in the last four weeks following those of chip designer Arm Holdings, grocery delivery app Instacart and marketing automation platform Klaviyo. The brand gained widespread attention after Australian actress Margot Robbie wore a pair of pink Birkenstocks in the final scene of the hit movie, "Barbie", which was released this summer.
"It lacks the market-related factors that lend well to becoming a meme stock like high short interest, a low free-float, or a major news event," said Tommy Tranfo, head of community at retail-investor-focused forum StockTwits."Since investors have been burned by many of the IPOs and SPACs from the last few years, there is a common theme of waiting until the dust settles," Tranfo added.
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