Birkenstock set for its stock market debut as Wall Street trades in its wingtips for sandals

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.

Birkenstock is due to start trading Wednesday 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. Its shareholders sold an additional 21.5 million shares. The company’s footwear was first cobbled together by Johann Adam Birkenstock in Germany in 1774. The sandals have long been derided as the antithesis of high fashion but have a cult following and this year got a plug in theCopyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

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Stock market today: Asian shares rise after eased pressure on bonds pushes Wall Street higherShares are higher in Asia, tracking Wall Street gains following an easing of pressure from the bond market. U.S. futures slipped and oil prices rose slightly. Investor sentiment got a boost from a report by Bloomberg, citing unnamed sources, that the Chinese government is considering boosting spending on construction to support the slowing economy. On Tuesday, the S&P 500 rose 0.5% and the Dow added 0.4%. The Nasdaq composite climbed 0.6%. Treasury yields eased considerably after trading resumed
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Jim Cramer's top 10 things to watch in the stock market TuesdayWall Street stabilizes: The Dow, the S&P 500 and the Nasdaq little changed early Tuesday.
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