shares opened trading 11 per cent below their price in the company’s $US1.48 billion initial public offering, in a debut that could cool what had been a fledging rebound in US listings.
The shares were down 10 per cent to $US41.25 at 2.11pm in New York, giving the company a market value of $US7.75 billion. Including shares reserved for executives, directors and employees, the company has a diluted value of about $US8.37 billion. Arm’s shares have gained a modest 7 per cent from their IPO price, while Instacart is trading 15 per cent below its offer price. Klaviyo has fared the best of the cadre but even after a 22.5 per cent jump in its trading debut, its IPO investors have gained a return of 11 per cent.
Those companies include an array of diverse businesses such as activewear brand Vuori, weight-loss drugmaker Carmot Therapeutics and GameChange Solar, whose backers include a Koch Industries affiliate, among other candidates, Bloomberg News has reported.Unlike many of the IPO candidates, Birkenstock is profitable, according to its filings. The successor company had a net profit of €103 million on revenue of €1.