The German sandal-maker’s IPO priced at $46 a share Tuesday afternoon.
Shares of the German sandal-maker fell 11.5 percent to $40.71 in its first few minutes of trading on the New York Stock Exchange on Wednesday afternoon.
Birkenstock — and its chief executive officer Oliver Reichert — are now going to have to get used to having the company’s value fluctuate moment-to-moment with the whims of investors. It turns out this was exactly the market that Birkenstock launched into as luxury stocks were in retreat in Europe on Wednesday after leaderfell 6.5 percent to 686.10 euros while Burberry Group was off 3.2 percent to 17.77 pounds and Brunello Cucinelli slipped 3.2 percent to 71.40 euros.
While this is just the beginning of L Catterton’s monetization of the investment, the deal is on its way to be a good one for the private equity player, which acquired Birkenstock for what was said at the time to be about 4 billion euros in the midst of the pandemic.
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Birkenstock Shares Fall in Stock-Market DebutUnexpected drop is ominous sign for IPO market
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Birkenstock set for its stock market debut as Wall Street trades in its wingtips for sandalsBirkenstock is making its debut on the stock market as Wall Street trades in its wingtips for sandals for a day.
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Birkenstock set for its stock market debut as Wall Street trades in its wingtips for sandalsBirkenstock is making its debut on the stock market as Wall Street trades in its wingtips for sandals for a day.
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Birkenstock set for its stock market debut as Wall Street trades in its wingtips for sandalsBirkenstock is making its debut on the stock market as Wall Street trades in its wingtips for sandals for a day. The 249-year-old German maker of upmarket sandals set a price of $46 per share for its initial public offering of stock, valuing the company at $8.64 billion. It is due to start trading Wednesday on the New York Stock Exchange under the “BIRK” ticker symbol. The company’s footwear was first cobbled together by Johann Adam Birkenstock in Germany in 1774. The sandals have long been deri
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Birkenstock set for stock market debut as Wall Street trades in wingtips for sandalsBirkenstock is making its debut on the stock market as Wall Street trades in its wingtips for sandals for a day
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German sandal maker Birkenstock set to open below its IPO issue priceCiara Linnane is MarketWatch's investing- and corporate-news editor. She is based in New York.
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