Shares of the 250-year-old German sandal maker started trading at $41 after the IPO had priced at $46.
Birkenstock's weak performance comes weeks after the high-profile market debuts of chip designer Arm Holdings, grocery delivery app Instacart and marketing automation platform Klaviyo. "If you're putting out new paper that no one would pay for existing companies, what you're going to see is that after the initial pop, you're going to see a drop," Hayes added.
L Catteron will continue to own nearly 83% of Birkenstock following its market debut, which coincides with a sharp drop in LVMH's shares yesterday following slower third quarter sales growth. Arnault's son, Alexandre, will join Birkenstock's board.
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