Birkenstock Holdings’ (BIRK) billion-dollar IPO is currently the only deal scheduled for the week ahead, although some small issuers may join the calendar late.
Birkenstock plans raise $1.5 billion (67% secondary) at an $8.7 billion market cap, making it one of the largest consumer discretionary IPOs of the past two decades. Cornerstone investors have indicated on nearly half of the offering. The 250-year old sandal maker has developed a portfolio of "footbed"-based products, offering over 700 silhouettes. Birkenstock is pitching a combination of profitability and growth, along with widespread brand recognition. Despite its robust fundamentals, the company is coming public against a backdrop of weak aftermarket trading from recent large IPOs.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Birkenstock (BIRK) London, United Kingdom | $1,500M $8,734M | $44 - $49 32,258,064 | Goldman JP Morgan |
| European shoemaker known for its luxury sandals. | |||
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Birkenstock’s IPO will make it the first large issuer of the 4Q. To read more about what happened last quarter and what we expect for this quarter, check out our quarterly content for the 3Q:
- Renaissance Capital's 3Q 2023 US IPO Market Review
- How the Big Four Accounting Firms Ranked in the 3Q23 IPO Market
- The 3Q23 IPO Market's Law Firm Leaderboard
Street research is expected for five companies in the week ahead, and one lock-up period will be expiring. For access to Street research and lock-up expiration dates, sign up for a free trial of IPO Pro.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 10/5/2023, the Renaissance IPO Index was up 23.1% year-to-date, while the S&P 500 was up 12.3%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Kenvue (KVUE) and Airbnb (ABNB). The Renaissance International IPO Index was down 20.9% year-to-date, while the ACWX was up 3.2%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and Porsche.
