German shoe brand Birkenstock, known for its Arizona sandals, made its market debut Wednesday on the New York Stock Exchange.
Shares of Birkenstock slid about 10% in their debut on the New York Stock Exchange on Wednesday, after the longtimeBirkenstock sold 10.75 million ordinary shares in the offering, raising about $495 million and valuing the company at about $8.64 billion. The offering comes as the IPO market gradually begins to defrost after more than a year of stagnation. But it has remained choppy and uncertain. Multiple recent IPO filers did well in their first couple of days of trading, but those stocks have since fallen.at $30 per share last month. But after an initial 40% pop, it closed at $33.70 on its first day on the Nasdaq and is now trading below its opening share price.
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