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German luxury footwear manufacturer, Birkenstock Holding, revealed the pricing of its U.S. initial public offering (IPO) at a solid $46 per share, a move seen as cautious in light of market turbulence. Despite strong demand that could have warranted pricing at the upper end of the $44 to $49 per share range, Birkenstock and its underwriters opted for a measured approach. This IPO successfully secured approximately $1.48 billion through the sale of 32.3 million shares, placing the company’s valuation at around $9.3 billion on a fully diluted basis.

Birkenstock’s IPO arrival marks the fourth in a series of significant launches within the past month, following the footsteps of tech giant Arm Holdings, grocery delivery app Instacart, and marketing automation platform Klaviyo. While these recent listings initially sparked optimism for a resurgence in equity capital markets following a prolonged hiatus, subsequent price fluctuations have raised concerns regarding the immediate prospects for newly launched stock market offerings.

Of the three companies mentioned, Arm and Klaviyo have managed to retain prices above their IPO levels, but Instacart now finds its stock trading below its initial offering value. Birkenstock, with roots dating back to 1774 in the German village of Langen-Bergheim, carries a rich heritage as a shoemaking family business spanning six generations. The brand has been strategically working to position itself as a fashionable choice for models and celebrities, as exemplified by Margot Robbie’s portrayal of Barbie wearing a trendy pink pair of Birkenstocks in a recent movie release.