Birkenstock is set to debut on the New York Stock Exchange on Wednesday after the German shoemaker priced its shares at $46 in its U.S. initial public offering, giving it a fully diluted valuation of $9.3 billion.

The figure is in the middle of Birkenstock’s indicated price range of $44 to $49 a share. According to sources quoted by Reuters, strong investor demand would have allowed for the number to be closer to the top end of that band, but both the company and its underwriters decided to take a more conservative approach due to market volatility.

Birkenstock, known for its trendy suede sandals, garnered about $1.5B from the sale of 32.3 million shares, with much of the proceeds going to L Catterton, the private equity group backed by billionaire Bernard Arnault and luxury goods giant LVMH. L Catterton will retain an 83% stake in the group.

The firm will be the fourth major business to hold a public debut in the U.S. in the last four weeks. The crush of flotations initially spurred enthusiasm for a recovery in the recently dry IPO market, but these hopes have been tempered after the newly-listed shares gave up most of their early gains.