Birkenstock’s IPO marks worst first-day performance for billion-dollar US listing in two years By Investing.com

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<p>In a disappointing debut, Birkenstock’s initial public offering (IPO) on Thursday saw a 12.6% decline, marking the worst first-day performance for a US listing of over $1 billion in over two years. The German company’s shares traded at $41 after being sold for $46 in the IPO, ending the day at $40.20. This resulted in Birkenstock having a market value of $7.55 billion.</p>
<p>The most recent company to perform worse was AppLovin, which saw its shares end significantly lower, at 18.5% below their IPO price in April 2021. Other shoemakers’ shares also haven’t fared well since going public in 2021.</p>
<p>Despite this setback, Birkenstock remains profitable and plans to use the IPO proceeds to repay debt. The company has been bolstered by high-fashion collaborations and an appearance in the Barbie movie, which have enhanced its brand image and boosted sales. <span>Birkenstock has also invested heavily in expanding production sites in Germany. </span></p>
<p>Notably, Bernard Arnault’s family holding company invested in the IPO. Up to 8% of shares were allocated to employees, while L Catterton and Arnault’s family investment company acquired a majority stake more than two years ago.</p>
<p><em>This article was generated with the support of AI and reviewed by an editor. For more information see our T&amp;C.</em></p>
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<br /><a href="https://www.investing.com/news/stock-market-news/birkenstocks-ipo-marks-worst-firstday-performance-for-billiondollar-us-listing-in-two-years-93CH-3196551">Source link </a></p><p>The post <a href="https://forextraderhub.com/birkenstocks-ipo-marks-worst-first-day-performance-for-billion-dollar-us-listing-in-two-years-by-investing-com.html">Birkenstock’s IPO marks worst first-day performance for billion-dollar US listing in two years By Investing.com</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>