Birkenstock stumbles on its Wall Street debut
The German footwear company’s shares fell by 12.6% in its first session at the New York Stock Exchange on the past Wednesday. The downward trajectory continued on the second day
In its first session on Wednesday, Birkenstock raised 1.48 billion US dollars, after its 32.3 million shares were priced at 46 US dollars apiece. The company had aimed to price the IPO for as much as 49 US dollars a share, seeking a valuation of up to 9.2 million US dollars.
“It’s clear there is some caution among investors about the path ahead for the brand, as the price set of 46 US dollars a share was at the middle, not top end of the initial range”, commented Susannah Streeter, head of money and markets at Hargreaves Lansdown, as reported by Reuters.
Additionally, in the latest trading on Thursday, its shares fell by 18%, as compared to the IPO price, valuing the company at around 7 billion US dollars. However, this is almost double the 4.35 billion US dollars that L Catterton, the US private equity firm backed by LVMH, paid to acquire a majority stake in the company in 2021.
Image Credits: heraldbulletin.com
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