Posted 10/12/2023, 6:53:00 PM
Birkenstock Shares Continue to Slide After Disappointing IPO
- Birkenstock shares dropped 6% on Thursday, adding to 12% decline in Wall Street debut day before
- Stock now 18% below $46 IPO price, valuing company at about $7 billion
- Weak debut follows disappointing IPOs of chip designer Arm and grocery app Instacart
- Birkenstock IPO coincided with drop in LVMH shares after reporting slowing sales
- Some hoped Birkenstock and other big IPOs would spur listings rebound after volatile markets
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