German footwear group Birkenstock priced its U.S. initial public offering (IPO) at the middle of its indicated price range at $46 per share, the company said on October 10, ahead of its first day of trading, writes Leatherbiz.

The IPO raised around $1.48 billion based on 32.3 million shares sold and values the company at approximately $9.3 billion on a fully diluted basis.

The company’s public debut is set to raise about $1.5 billion. One-third of the proceeds will go to the company to repay its debt, while the rest will go to L Catterton, its private equity owner.

L Catterton, which is backed by French luxury fashion house LVMH, purchased a majority stake in Birkenstock for €4 billion in 2021. This was the first time Birkenstock received private equity financing.

Birkenstock was founded in 1774 in the German village of Langen-Bergheim by Johannes Birkenstock and his younger brother Johann Adam Birkenstock, who were both shoemakers. The Birkenstock family ran the business for six generations after its founding.