Birkenstock, the shoe manufacturer, plans to sell 32.26 million shares in its IPO. The LVMH owner family is likely to subscribe to $325 million worth of shares.

Birkenstock, the shoe manufacturer, has submitted documents to the U.S. Securities and Exchange Commission outlining its plans for an initial public offering (IPO). The company and its selling shareholders intend to sell approximately 32.26 million shares at a price range of $44-$49 per share, aiming to raise $1.58 billion. Based on the proposed range, the company's valuation in this IPO could reach $9.2 billion. The documents reveal that Norway's sovereign wealth fund and Henry Ellenbogen's Durable Capital Partners LP have expressed interest in purchasing up to $300 million worth of Birkenstock shares. Bernard Arnault's family holding company, LVMH, which has already invested in Birkenstock, may also acquire up to $325 million worth of shares. Birkenstock plans to use the proceeds from the offering to repay debt. Sources suggest that the IPO is scheduled to price on October 10th, with trading commencing on October 11th. Despite the varying performances of three companies that recently went public in the U.S. in September, and a waning enthusiasm among investors for some high-profile IPOs in recent weeks, this does not seem to have affected Birkenstock's plans to go public. British chip designer Arm and grocery delivery startup Instacart both priced their IPOs at or above the upper end of their respective price ranges, but their stock prices have since fallen close to or below the offering price as the overall market declined. Vietnamese internet startup VNG Ltd. reportedly postponed its planned U.S. listing last month, while other companies, such as marketing and data automation provider Klaviyo Inc., have performed well, with their stock prices significantly higher than their IPO offering prices. Goldman Sachs, JPMorgan, and Morgan Stanley are among the banks arranging Birkenstock's IPO. The company intends to list on the New York Stock Exchange under the ticker symbol BIRK.