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Birkenstock left flat-footed by underwhelming IPO debut

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Shares of the 250-year-old German sandal maker started trading at $41 after the IPO had priced at $46.

That offering raised $1.48 billion, priced at the midpoint of the indicated range of $44 and $49 on Tuesday.The shares of those companies have mostly fallen since their listings, indicating weak investor demand.“What this shows is that the valuations that they are putting these companies make absolutely zero sense, particularly when you’re in a down market when there’s so many other bargain opportunities available,” said Thomas Hayes, chairman at Great Hill Capital in New York.

At its closing share price on Wednesday, Birkenstock had a market capitalization of more than $8 billion.

 

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