Birkenstock to target $8.6 bn IPO valuation: media reports

German sandals maker Birkenstock will launch on the New York stock exchange on Wednesday in an initial public offering that values the company at $8.6 billion, according to multiple media reports.

Shares in the company, which was in the hands of the founding family until 2021, will be priced at $46, the Wall Street Journal, CNBC, and other media reported.