Posted 10/11/2023, 5:47:00 PM
Birkenstock Shares Slide Below IPO Price in Trading Debut Amid Investor Caution Over Valuation
- Birkenstock stock fell 12.6% in trading debut, closing well below its IPO price of $46 per share
- The IPO was seen as a test of investor appetite amid recent weak performance by other recent IPOs
- Birkenstock is a popular brand but faces valuation concerns and competitive casual footwear market
- The $8.6 billion valuation was called too rich by some analysts given financial metrics
- Birkenstock will trade on NYSE under ticker "BIRK", with leading banks as underwriters
