Stock Spotlight: Birkenstock steps into uncertainty as expectations run high

The 250-year-old German sandal maker publicly listed on 11 October 2023 and on its first day, shares opened 11% below its initial price, according to data from Morningstar Direct. The company priced its shares at $46 at IPO, the midpoint of the indicated range of $44 and $49, but had slumped to less than $41 at the end of trading. The company had expected to raise roughly $1.5bn from the listing. "They say timing is everything when it comes to IPOs and we can safely say Birkenstocks timing was off, given the sharp sell-off in October," said Michael Hewson, chief market analyst at CMC ...