Birkenstock prepares for its U.S. stock market debut following a successful $1.5 billion IPO

Reuters, October 11 - Wednesday saw the New York Stock Exchange announce that LVMH-backed Birkenstock (BIRK.N) would list its shares after the German luxury sandal manufacturer achieved a valuation of $9.3 billion in its U.S. initial public offering (IPO).

After its 32.3 million shares were conservatively priced at $46 each, the company's IPO raised $1.48 billion, setting the 250-year-old brand up for a successful market debut.

According to Susannah Streeter, head of money and markets at Hargreaves Lansdown, "It's clear there is some caution among investors about the path ahead for the brand, as the price set of $46 a share was at the middle, not top end, of the initial range."The previous four weeks have seen the IPO of four significant companies, with Birkenstock being the fourth.