Birkenstock, the longtime German shoe brand known for its comfy and durable styles, is expected to price its IPO at $46 per share on Tuesday, giving it a tentative valuation of about $8.64 billion, according to a person familiar with the matter.

The expected pricing came in just shy of the midpoint of Birkenstock’s stated range of $44 to $49 per share and gives it a market cap that’s above Crocs and in line with Swiss shoe brand On Running. The pricing could still change and hasn’t been confirmed by Birkenstock.

The pricing could still change and hasn’t been confirmed by Birkenstock.

Birkenstock had originally sought a valuation of up to $9.2 billion.

The company initially expected to sell about 10.75 million ordinary shares in the offering and could raise around $495 million when it begins trading on the New York Stock Exchange under the ticker “BIRK.” 

Combined with the 21.51 million in shares its selling stockholders were looking to offload, the offering could bring in around $1.48 billion.

Birkenstock’s offering comes as the IPO market remains choppy after a number of recent filers began trading in muted debuts. 

Instacart priced its long awaited IPO at $30 per share last month. But after an initial 40% pop, it closed at $33.70 on its first day on the Nasdaq and is now trading below its opening share price. Similar trends have followed Johnson & Johnson spinoff Kenvue and beauty and wellness firm Oddity Tech. 

Birkenstock, which has been in the footwear business since 1774, is going public about two years after private equity firm L Catterton took a majority stake in the business at a valuation of $4.85 billion. It decided to go public so it can boost its valuation and gain access to the capital markets, and plans to use proceeds from the offering to pay off loans, according to a securities filing. 

The company’s growth – and the bump in relevancy it received after its recent cameo in the “Barbie” movie – has attracted interest from investors, even as the footwear sector faces pressure from a slowdown in consumer spending and a shift to services over goods.

Between fiscal 2020 and 2022, sales jumped from 728 million euros ($771 million) to 1.24 billion euros ($1.32 billion) as the company leaned into its direct-to-consumer strategy, exited certain wholesale partnerships in key markets and boosted sales of items with higher price points. 

It posted a net income of about 187 million euros ($198 million) in fiscal 2022.