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Birkenstock shares are tumbling as the stock makes its debut on the New York Stock Exchange as Wall Street trades in its wingtips for sandals for a day.
L. Catterton co-CEO, Michael Chu, second from left, Birkenstock CEO Oliver Reichert, second from right, and Alexandre Arnault, of LVMH, right, pose for photos outside the New York Stock Exchange, prior to the Birkenstock IPO, Wednesday, Oct. 11, 2023. NEW YORK — Birkenstock shares are stumbling in their 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. The stock opened for trade at $41, which was below the range of $44 to $49 it had been expected to price just a week ago.Birkenstock is listed on the New York Stock Exchange under the “BIRK” ticker symbol. Birkenstock Holding Ltd. sold about 10.8 million shares in the offering, raising about $495 million.
Birkenstock’s formula for success began with a view that humans are intended to walk barefoot. The company said in its filing that its footbed, which was developed in 1902, “represents the best alternative to walking barefoot, encouraging proper foot health by evenly distributing weight and reducing pressure points and friction.”Birkenstock makes all of its footbeds in Germany and assembles more than 95% of its products there. The remaining products are made elsewhere in the European Union.
The company’s revenue has increased from 727.9 million euros in fiscal 2020 to 1.24 billion euros in fiscal 2022.Traders on the floor of the New York Stock Exchange wear Birkenstock sandals during the company's IPO, Wednesday, Oct. 11, 2023, in New York.
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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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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.
Read more »
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 Shares Fall 11.5% In Wall Street DebutThe German sandal-maker’s IPO priced at $46 a share Tuesday afternoon.
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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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