This case examines the October 2023 initial public offering (IPO) of Birkenstock, the iconic German footwear maker. Students are invited to recommend the price at which Birkenstock should sell the shares offered in the IPO. Relevant considerations include the recent underperformance of a number of comparable IPOs and the influence of majority owner private equity firm L Catterton and luxury powerhouse LVMH. The case is designed to showcase corporate valuation using discounted cash flow (DCF) and peer-company market multiples for a company with high near-term growth and profitability. At the University of Virginia Darden School of Business, it is taught in the core finance curriculum.