Birkenstock Shares Drops 11% in IPO Debut
Birkenstock has benefited from the trend for casual fashion that thrived during and after the pandemic.
Birkenstock shares fell in their debut on the New York Stock Exchange. The stock was recently down about 11%.
Tweet on Birkenstock IPO
Birkenstock shares fell in their debut on the New York Stock Exchange.
The stock was recently down about 11%, via @WSJ #ipo #birkenstock #shares #nasdaqhttps://t.co/IwmhOMsxhy— The_Journalbiz (@the_journalbiz) October 11, 2023
WSJ on Birkestock’s IPO
It is the first buzzy listing since debuts last month by Arm, Instacart and Klaviyo. Their stocks initially rose but struggled to maintain gains in subsequent trading sessions.
The trendy sandal brand’s IPO was priced at $46 a share, giving it a market value of about $8.6 billion.
- The stock is trading under the symbol BIRK.
The offering was led by Goldman Sachs, JPMorgan Chase and Morgan Stanley. The German shoemaker is owned by L Catterton, the private-equity firm part-owned by LVMH.
German shoemaker Birkenstock priced its initial public offering at $46 a share, setting up the next big test of the new-issue market when the stock begins trading on Wednesday.
Birkenstock and its underwriters chose a price near the middle of the targeted range, choosing to play it safe given choppy markets, people familiar with the matter said.
The company and its private equity owner planned to sell roughly 32 million shares in the offering at a price between $44 and $49.
At the IPO price, the trendy shoe company commands a market value of about $8.6 billion.
