Birkenstock set to float on stock market with valuation of nearly $10bn

German sandal maker has come a long way from its founding in 1774 as a maker of orthopaedic shoes to going public on the NY stock exchange

Birkenstock, the resurgent German sandal maker once beloved by healthcare workers, is set to be valued at up to 9.2bn ($9.7bn) when it floats on the stock market this month.

Around 32.2 million ordinary shares will be put on the New York Stock Exchange in an initial public offering. On Monday, the company priced its shares at $44 to $49 each, which could see the company raise up to $1.58bn.