NEW YORK, Reuters German premium footwear maker Birkenstock Holding priced its U.S. initial public offering IPO at the middle of its indicated price range at 46 per share, the company said on Tuesday.

Birkenstock and its underwriters chose to price the offering conservatively given the market volatility, despite having enough demand to price the share sale at the top of the indicated range of 44 to 49 per share, according to people familiar with the matter.

The IPO raised about 1.48 billion based on 32.3 million shares sold and values the company at about 9.3 billion on a fully diluted basis.

Birkenstock is the fourth major company to launch a U.S. IPO in the last four weeks following those of chip designer Arm Holdings , grocery deliver app Instacart and marketing automation platform Klaviyo.

The slew of recent listings briefly raised hopes of a broad recovery in equity capital markets after a nearly 18month dry spell. However, the three newly listed companies gave up most of their share price gains in the days following their IPOs, raising concerns over the nearterm outlook for new stock market launches.

While shares of Arm and Klaviyo still trade above their IPO price, Instacart39;s stock is now worth less than its IPO value.

Birkenstock was founded in 1774 in the German village of LangenBergheim by Johannes Birkenstock and his younger brother Johann Adam Birkenstock, who were both shoemakers. The Birkenstock family ran the business for six generations after its…