Birkenstock, the German premium footwear brand backed by private-equity firm L Catterton, said on Monday it is seeking a valuation of up to $9.2 billion in its highly anticipated initial public offering (IPO) in New York.

About 32.26 million shares, priced between $44 and $49 apiece, would be sold in the IPO by the company and its selling stockholders to raise $1.58 billion, according to a filing with the U.S. Securities and Exchange Commission.

Birkenstock is moving ahead with its flotation even after mixed performances by a trio of newly listed firms in September cast a shadow over renewed investor appetite for new listings.

The U.S. securities regulator is well-staffed now that a government shutdown has been averted, allowing it to review IPO filings by companies looking to take advantage of the long-awaited reopening of the IPO window.

Birkenstock’s trademark typically has been comfort rather than fashion. On its website, the company says all elements of its design – the buckles, the straps, the sole and the footbed – have a “functional purpose”.

But it has also found favor among fashion aficionados, reportedly more so in recent weeks after one of its brands was featured in the blockbuster hit “Barbie” where Margot Robbie was seen donning a pair of pink Birkenstock.

The company, which traces its roots back to 1774, is a sixth-generation family-owned business. Most of its products are manufactured in facilities in Rhineland-Palatinate, North Rhine-Westphalia, Hesse and Saxony in Germany.

Goldman Sachs, J.P. Morgan and Morgan Stanley are among the underwriters for the IPO.