Premium European sandal-maker Birkenstock has filed for an IPO on the New York Stock Exchange.

The German brand did not reveal the financial details of the offering in its filing with the US Securities and Exchange Commission. According to the Financial Times, Birkenstock has been targeting a valuation of more than $8 billion in an IPO.

The announcement on Tuesday came on the heels of UK-based chipmaker Arm's plans to launch a massive IPO in the US as well as grocery app Instacart's public offer plans.

Birkenstock reported revenues of $692.87 million in the six months ended March 31, up 19% compared to the same period in the previous financial year. However, net profit fell to $43 million compared to $79 million posted in the same period of the previous financial year.

The brand was founded in 1774 by Johann Adam Birkenstock. As of June 30, 2023, it operated a network of close to 45 owned retail stores, largely concentrated in Germany.

In its paperwork for the IPO, Birkenstock said that it will unlock the growth potential of the Asia Pacific, Middle East and Africa (APMA) region.

"Expanding our brand into new developing markets across Africa, the Middle East and Central Asia presents an additional growth opportunity in the segment. Specifically, in our APMA region we will look to supplement our B2B and DTC efforts in new and existing markets through the roll-out of premium mono-brand stores with key strategic partners," Birkenstock said.

The footwear company also highlighted risks faced from counterfeit or “knock-off” products that use social media platforms such as Facebook to promote their products.

"These activities of third parties have in the past and may in the future result in customer confusion, require us to incur additional administrative costs to manage customer complaints related to counterfeit goods or poor service, divert customers from us, cause us to miss out on sales opportunities and result in a loss of our market share," Birkenstock said in the filing.

The company said that it may be required to incur substantial expenses in addressing the issue of counterfeit products by protecting the brand and enforcing IP rights in Germany, US or other countries and it could negatively impact its business and operations.

It plans to apply to list its ordinary shares on the NYSE under the symbol “BIRK.” Goldman Sachs, J.P. Morgan and Morgan Stanley are the lead underwriters for the IPO.

(Writing by Seban Scaria seban.scaria@lseg.com; editing by Brinda Darasha)