Birkenstock’s stock ended more than 12% below its initial public offering price on Wednesday in an underwhelming Wall Street debut.
Birkenstock’s stock ended more than 12% below its initial public offering price on Wednesday in an underwhelming Wall Street debut that signaled investors remain cautious about new listings.
Shares of the 250-year-old German sandal maker started trading at $41 after the IPO had priced at $46.
That offering raised $1.48 billion, priced at the midpoint of the indicated range of $44 and $49 on Tuesday.
The stock closed at $40.20, down 12.61%.
The 11% decline from Birkenstock’s IPO price on Tuesday to its opening price on Wednesday marks the worst debut by a company worth over $1 billion in nearly two years, according to LSEG data.
Birkenstock’s weak performance comes weeks after the high-profile market debuts of chip designer Arm Holdings , grocery delivery app Instacart and marketing automation platform Klaviyo.
