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By Staff Reporters
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After months of speculation, Birkenstock made its first move to go public in September, sending its prospectus document to the U.S. Securities and Exchange Commission. In the filing, Birkenstock stated it would sell close to 32.26 million shares priced between $44 and $49 per ordinary share to raise about $1.58 billion for the company and its private equity owner L Catterton, which is backed by the French luxury fashion house LVMH. At the low end, the valuation would hover around $8.3 billion, and at the high end about $9.2 billion, according to the numbers revealed in the filing. The prospectus also stated that LVMH CEO Bernard Arnault’s family holding company Financière Agache is interested in buying up to $325 million in shares. Alexandre Arnault, Bernard’ son, will join Birkenstock’s board of directors after the offering. While no date has been confirmed for when the company will officially go public, Birkenstock’s debut on the stock exchange could come as soon as Wednesday, Oct. 11th, 2023.
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A sustained rise in long-term Treasury yields could be bringing the Federal Reserve’s historic rate hiking cycle to an anticlimactic end. Top central bank officials have signaled in recent days that they could be done raising short-term interest rates if long-term rates remain near their recent highs and inflation continues to cool.
CITE: https://www.r2library.com/Resource
Here is where the major benchmarks ended:
- The S&P 500 Index was up 22.58 points (0.5%) at 4,358.24; the Dow Jones Industrial Average (DJI) was up 134.65 points (0.4%) at 33,739.30; the NASDAQ Composite was up 78.60 points (0.6%) at 13,562.84.
- The 10-year Treasury note yield was down about 13 basis points at 4.653%.
- CBOE’s Volatility Index (VIX) was down 0.66 at 17.04.
Shares of retailers, regional banks, and technology companies were among the market’s strongest performers Tuesday, with the Philadelphia Semiconductor Index (SOX) up more than 1% to a three-week high.
Small-caps also strengthened, with the Russell 2000 Index (RUT) up about 1.5%, outpacing their large-cap counterparts. WTI crude oil futures fell for the first day in three, while the U.S. dollar index (DXY) eroded for the fifth day in a row to touch its lowest level in more than a week.
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Filed under: "Ask-an-Advisor", Alerts Sign-Up, Funding Basics, Investing | Tagged: bond yields, CBOE, crude oil, DJIA, DOW, inflation, ipo. Birkenstock, NSDAQ, Russell 2000, S&P 500, SOX, Treasury yields, VIX, WTI | Leave a comment »
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