In the world of trendy sandals, there is big money to be made.

German shoemaker Birkenstock could be valued at up to $10 billion when it lists its shares on the stock market for the first time.

During its debut on the New York Stock Exchange, the iconic footwear brand plans to sell shares between $44 and $49 apiece, raising up to $1.6 billion, the company said. There was no date set for its initial public offering.

Once all shares in the company – including those held by existing investors and shares issued to employees – are included, Birkenstock would have a market capitalization of $9.9 billion.

Church archives mention Johannes Birkenstock, a cobbler from Langen-Bergheim, Germany, who founded the company in 1774.

Birkenstock was taken over by private equity firm L Catterton, backed by French luxury giant LVMH, which owns brands such as Tiffany & Co. and Dior. A minority stake was retained by the Birkenstock brothers, Christian and Alex.

According to Monday’s filing, the company’s revenues increased by 71% between 2020 and 2022. Revenues reached €1.12 billion ($1.17 billion) in the nine months to the end of June this year, up 21% over the same period in 2022. During that timeframe, the firm earned €154.2 million ($161.7 million) in pre-tax profits.

A pair of Birkenstock sandals was featured in the wildly successful “Barbie” movie this summer, giving the company a major boost in popularity.