Birkenstock shares are set to open as much as 13% lower than their initial public offering (IPO) price on Wednesday, according to a Reuters report.
The German sandal-marker priced its IPO on the New York Stock Exchange at $46, with shares set to open between $40 and $42, per the report.
The low end of this range would value Birkenstock at $8.5 billion, Reuters said.
Birkenstock’s underwhelming debut comes after strong IPOs from chip designer Arm Holdings and marketing automation platform Klaviyo, which closed up about 9% and 16%, respectively, from their IPO prices on Tuesday.
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