Birkenstock's IPO Values German Footwear Brand at $8.6 Billion

German footwear brand Birkenstock has been valued at $8.6 billion after pricing its initial public offering in the middle of its target range. Birkenstock listed on the Frankfurt Stock Exchange, selling shares at €43 each ($45), and the IPO valued Birkenstock Group, the company's main operating unit, at $8.6 billion. Founded in 1774, Birkenstock is known for its funky yet comfortable sandals. It has historically been family-owned. The IPO proceeds will be used partly to repay debt after the family sold a majority stake to investor L Catterton in 2018. Some shares were also sold, reducing the family's stake.