History of Birkenstock Shoes and the Brand's Rise to an IPO

Birkenstock raised $1.48 billion in an initial public offering on Wednesday.
The shoe brand, known for its comfortable cork-sole sandals, has gained popularity in recent years.
But it wasn't always known as a fashion staple. It was first worn in the US by hippies in the '60s and '70s.

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Birkenstock, the shoe brand known for its comfortable cork-sole sandals, raised $1.48 billion in an initial public offering on Wednesday.

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The German footwear company had been seeking a valuation as high as $9.2 billion, CNBC reported, but ended its first day of trading with a diluted value of $8.15 billion, according to Bloomberg.

The initial public offering is one more feat in Birkenstock's nearly 250-year history, which began with a family-run business that manufactured insoles. Decades later, the company's orthopedic shoes became a viral fashion trend. Most recently, Birkenstock landed a big-screen moment in the "Barbie" movie.

Here's how the shoe went from "ugly" hippie sandal to coveted fashion statement.

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