{"id":26337,"date":"2023-10-12T19:17:07","date_gmt":"2023-10-12T19:17:07","guid":{"rendered":"https:\/\/isafespend.com\/investing\/birkenstocks-stock-loses-footing-in-second-day-on-wall-street\/"},"modified":"2023-10-12T19:17:08","modified_gmt":"2023-10-12T19:17:08","slug":"birkenstocks-stock-loses-footing-in-second-day-on-wall-street","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=26337","title":{"rendered":"Birkenstock’s stock loses footing in second day on Wall Street"},"content":{"rendered":"
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\u00a9 Reuters. A sign is illuminated at the entrance to a Birkenstock shoe store in London, Britain, October 11, 2023. REUTERS\/Toby Melville\/ File Photo<\/span>
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(Reuters) – Shares of Birkenstock dropped 6% on Thursday, deepening losses after the German luxury sandal seller stumbled the day before in its Wall Street debut.<\/p>\n

In its first session on Wall Street on Wednesday, Birkenstock tumbled over 12% from the $46 price set in its initial public offer, raising $1.48 billion. It had aimed to price the IPO for as much as $49 a share.<\/p>\n

Last trading at about $37.79 on Thursday, the stock has now dropped 18% from its IPO price. <\/p>\n

The second-day drop in Birkenstock shares was deeper than a broad Wall Street sell-off, with the last down about 1%.<\/p>\n

The 250-year-old company’s underwhelming U.S. market debut follows weak performances from chip designer Arm <\/span><\/span> Holdings (NASDAQ:) and grocery delivery platform Instacart (NASDAQ:), formally called Maplebear <\/span><\/span>, following their IPOs last month. <\/p>\n

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.<\/p>\n

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.<\/p>\n

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. private equity firm backed by French billionaire Bernard Arnault and his luxury goods empire Louis Vuitton Moet Hennessy, paid to acquire a majority stake in the shoemaker in 2021.<\/p>\n

Birkenstock’s listing on Wednesday coincided with a sharp drop in LVMH’s shares following the luxury brand’s slower third-quarter sales growth.<\/p>\n

“The timing of the IPO was in a way unfortunate as it followed LVMH Q3 results, in which management stressed how European consumers had deteriorated in a significant way in Q3,” said Javier Gonzalez Lastra, Investment Partner at Tema ETFs. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. A sign is illuminated at the entrance to a Birkenstock shoe store in London, Britain, October 11, 2023. REUTERS\/Toby Melville\/ File Photo (Reuters) – Shares of Birkenstock dropped 6% on Thursday, deepening losses after the German luxury sandal seller stumbled the day before in its Wall Street debut. In its first session on<\/p>\n","protected":false},"author":1,"featured_media":26338,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[32],"class_list":{"0":"post-26337","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing","8":"tag-featured"},"yoast_head":"\nBirkenstock's stock loses footing in second day on Wall Street | iSafeSpend<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. A sign is illuminated at the entrance to a Birkenstock shoe store in London, Britain, October 11, 2023. 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