Shares of Birkenstock opened 11% below their initial public offering (IPO) price on Wednesday as investors proceeded with caution following the mixed performance of recent high-profile listings.
Birkenstock shares debuted at $41 per share on the New York Stock Exchange under the ticker symbol “BIRK,” valuing the company at about $8.32 billion.
The German sandal maker a day earlier had priced its shares at $46, near the midpoint of its expected range of $44 to $49.
Birkenstock shares traded down 10.2% at $41.30 on Wednesday afternoon.
Its 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.
Grocery technology company Instacart, however, was down about 10% at Tuesday’s close following its recent listing.
Contact the author at emily.jarvie@proactiveinvestors.com
Follow her on X, formerly known as Twitter, @emilyjjarvie