Earlier this week, LVMH-backed Birkenstock set its IPO price at $46 per share. The stock fell 12.6 percent on NYSE debut, to USD 40.20, still valuing the 249-year-old company at USD 7.5 billion.
The 11% decline from Birkenstock s IPO price on Tuesday to its opening price on Wednesday marks the worst debut by a company worth over $1 billion in nearly two years, according to LSEG data.
International Business News: Birkenstock marks the fourth major company to go public in the U.S. in the past four weeks, joining the ranks of Arm Holdings, Instacart, and Klaviyo.