Birkenstock IPO raises US$1.5b on mid-range pricing

The news: German footwear company Birkenstock has priced its initial public offering at USD46 ($71.5) per share, at the middle of its indicated price range.

The numbers: Birkenstock had enough demand to price toward the top of its USD44 to USD49 per share ahead of its first day of trading, but played it safe due to broader market volatility, Reuters reported, citing anonymous sources. The IPO will raise roughly USD1.48 billion for the company, valuing the company at about USD9.3 billion on a fully diluted basis.

The context: The offering is the fourth US IPO in a number of weeks, raising hopes of a rebound in equity capital markets, which have been quiet for almost 18 months. Birkenstock was founded in Germany in 1774 by brothers Johannes and Johann Adam Birkenstock and was run as a family business for six generations.