Shares of Birkenstock (BIRK.N) dropped 6% on Thursday, deepening losses after the German luxury sandal seller stumbled the day before in its Wall Street debut.
A sign is illuminated at the entrance to a Birkenstock shoe store in London, Britain, October 11, 2023. REUTERS/Toby Melville/ File Photodropped 6% on Thursday, deepening losses after the German luxury sandal seller stumbled the day before in its Wall Street debut.set in its initial public offer, raising $1.48 billion. It had aimed to price the IPO for as much as $49 a share.
Some investors had hoped those marquee companies would spark a resurgence in public listings after volatile markets in the past two years dampened demand for IPOs. Arm on Thursday slumped 5.2% to $51.70, just above its $51 IPO price on Sept. 13, while Instacart was down 1.7% at $24.52, well below its $30 IPO price on Sept. 18.
With Thursday's loss, Birkenstock has a market capitalization of about $7 billion, or nearly $8 billion on a fully diluted basis. That is still nearly double the $4.35 billion at which L Catterton, the U.S.
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