(Bloomberg) -- Birkenstock Holding Ltd. is preparing to kick off the roadshow for its US initial public offering next week in the latest major test of demand for new listings, people with knowledge of the matter said. 

The German footwear maker plans to start taking investor orders as early as Oct. 2, the people said, asking not to be identified because the information is private. It’s considering seeking a valuation of $10 billion or more in the IPO, according to the people. 

Birkenstock, which is backed by private equity firm L Catterton, is tentatively planning to price the offering Oct. 10 and start trading Oct. 11, the people said. 

The plans are fluid and dependent on market conditions. Birkenstock may decide to reevaluate the timeline in the event of a US government shutdown, the people said. A representative for Birkenstock declined to comment.

Birkenstock is moving ahead after investor enthusiasm started to wane for some of the blockbuster listings of recent weeks. UK chip designer Arm Holdings Plc and grocery delivery startup Instacart, which both priced their listings at the top of their price ranges or higher, have slipped toward their issue prices amid a broader market retreat. 

Vietnamese internet startup VNG Ltd. last week delayed its plans for a US listing after being advised to hold off until market demand improves, Bloomberg News has reported. Others are still doing well, with marketing and data automation provider Klaviyo Inc. still up 16% from its IPO price. 

An IPO of Birkenstock would come more than two years after L Catterton and luxury tycoon Bernard Arnault’s family investment company acquired a majority stake in the business at a valuation of about $4 billion.

The offering is being arranged by banks including Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley. Birkenstock plans to list its shares on the New York Stock Exchange under the symbol BIRK.

--With assistance from Crystal Tse and Amy Or.

(Updates with further details from second paragraph)

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