Birkenstock is the fourth major company to launch a U.S. IPO in the last four weeks following those of chip maker Arm Holdings Plc, grocery deliver app Instacart and marketing automation platform Klaviyo.

They priced their IPOs at the top or above their indicated range and saw their shares rally at the debut, only to give up most of the gains in the following days. While shares of Arm and Klaviyo still trade above their IPO price, Instacart’s stock is now worth less than its IPO value.

This helps explain why Birkenstock is not inclined to raise its IPO price range despite the strong initial investor demand.

It is already seeking a valuation that is frothier than some bigger shoe brands. It would be worth about 27 times trailing 12-month earnings before interest, taxes, depreciation and amortization at the top of its range, when Nike

To leave less to chance, Birkenstock launched the roadshow for its IPO last week with some investors lined up. Financière Agache has indicated an interest in buying $325 million worth of shares while Durable Capital Partners LP and Norges Bank Investment Management have shown interest in $300 million worth of shares, Birkenstock disclosed in a filing.

Birkenstock was founded in 1774 in the German village of Langen-Bergheim by Johannes Birkenstock and his younger brother Johann Adam Birkenstock, who were both shoemakers. The Birkenstock family ran the business for six generations after its founding.

The brand has been seeking to position as a fashionable item worn by models and celebrities. Barbie
L CattertonBernard ArnaultLouis VuittonMoet Hennessy

After the IPO, L Catterton will hold an 82.8% stake in Birkenstock and control a majority of the combined voting power of its outstanding shares.