(Bloomberg) -- Private equity firm L Catterton and a group of employees of Birkenstock Holding Plc are offering to sell 14 million shares of the US-traded footwear maker, days after it hit its highest level since its initial public offering.

Birkenstock’s shares closed at $59.78 each on Monday, up nearly 30% from their IPO price in October to give the company a market value of about $11.2 billion. At that price, the stake for sale would be worth $836.9 million.

After the close of regular trading Monday, Birkenstock’s shares fell about 5.1%.

L Catterton will have about a 73% stake in Birkenstock after the sale, according to a statement. The underwriters have an option to buy an additional 2.1 million shares from L Catterton.

The sale comprises 9.9 million shares solely controlled by L Catterton and 4.1 million shares that the private equity firm and certain executives and other employees have shared voting and dispositive power over, according to a statement and filing.

Net proceeds from the sale of the shared-ownershp stock will be used to pay the employees’ tax obligations and outstanding loans, the statement shows. Birkenstock itself will not receive any proceeds.

The IPO raised $1.5 billion in an offering priced at $46 per sahre, below the midpoint of a marketed range. Shares fell nearly 13% on its first trading day. They hit their highest closing price on Friday, ending the session at $61.47 each.

(Updates with late trading in third paragraph.)

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