Yahoo TV Birkenstock shares fall 11% in US market debut
STORY: A lackluster debut for Birkenstock.
Shares of the 250-year-old German sandal company opened 11% below their offer price on the New York Stock Exchange Wednesday but still had a valuation above eight billion dollars.
That is nearly double the valuation at which a private equity group backed by French billionaire Bernard Arnault and his luxury goods empire Louis Vuitton Moet Hennessy acquired a majority stake in the brand in 2021.
The lukewarm reception from investors comes weeks after strong market debuts for chip designer Arm Holdings and grocery delivery app Instacart among others.
Their shares though have given up gains since going public, muddying the outlook for the IPO market.
Sources told Reuters Tuesday that Birkenstock was priced conservatively because of the market volatility despite enough demand to price it at the top of its indicated range.
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