Birkenstock's IPO Prices at $46 per Share, Near Midpoint Range

German footwear maker Birkenstock has priced its US initial public offering (IPO) at $46 per share, raising about $1.48 billion and valuing the company at approximately $9.3 billion. Despite having enough demand to price the share sale at the top of the indicated range, Birkenstock chose a conservative pricing strategy due to market volatility. The IPO comes after a dry spell in equity capital markets, with Birkenstock being the fourth major company to launch a US IPO in the last four weeks. Following the IPO, L Catterton will hold an 82.8% stake in Birkenstock.