German footwear manufacturer Birkenstock Holding Ltd. is preparing for its initial public offering (IPO) in the United States, signaling a test of investor interest in new listings. The company is expected to launch its roadshow in the near future and begin accepting investor orders early next week, with a potential valuation of over $10 billion. While the exact pricing and trading dates are subject to change depending on market conditions, Birkenstock’s decision to go public comes at a time when some recent high-profile IPOs have struggled to maintain investor enthusiasm. Companies like UK chip designer Arm Holdings Plc and grocery delivery startup Instacart, which both priced their IPOs at or above their original price ranges, have seen their stock prices fall amidst a broader market downturn. Vietnamese internet startup VNG Ltd. also delayed its US listing due to advice to wait for improved market demand. However, there have been success stories in the IPO market, with Klaviyo Inc., a marketing and data automation provider, currently trading 16% higher than its IPO price. Birkenstock’s IPO comes more than two years after private equity firm L Catterton and luxury tycoon Bernard Arnault’s family investment company acquired a majority stake in the business for around $4 billion. The IPO is being facilitated by several banks, including Goldman Sachs Group Inc., JPMorgan Chase & Co., and Morgan Stanley, and the company plans to list its shares on the New York Stock Exchange under the symbol BIRK.

For more information on IPOs and their impact on the market, check out these useful links:
1. Investopedia: Initial Public Offering (IPO)
2. Nasdaq: IPO Market