Birkenstock Falters in Lackluster Wall Street Debut, Signaling Investor Caution
October 11, 2023
Birkenstock, the esteemed German sandal manufacturer with a 250-year legacy, saw its shares start trading at $41, below its IPO price of $46. This tepid market entry, closing at $40.20, more than 12% below the offering price, suggests a cautious sentiment among investors toward new listings. The decline from IPO price to opening price marks one of the poorest debuts for a company valued at over $1 billion in nearly two years.
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