This story has been updated to reflect the stock’s Oct. 11 closing price.
L Catterton-backed Birkenstock made its debut on the NYSE Wednesday following an IPO that valued the German shoemaker at $8.6 billion.
At $46 per share, the offer price was at the middle of the company’s indicated range.
Shares started trading at $41, down 11% from the offer price, and closed the day at $40.20.
The move comes amid a thawing of the IPO market and high-profile listings such as Arm and Instacart in September.
The company’s planned listing met with mixed reactions when it was announced in July. Morningstar analyst Jelena Sokolova compared it in August to the formerly Permira-backed shoe company Dr. Martens, which saw its share price slide by 65% following its IPO.
PE-backed public listings have been practically nonexistent since their peak in 2021, with 106 listings worth a combined $233.4 billion. In the two years since, there have only been eight IPOs at $6.9 billion total.
L Catterton retains a stake of around 83% following the listing, with its proceeds being used largely to pay down Birkenstock’s debt.
The company’s products have recently benefited from the added publicity brought by the “Barbie” movie, in which a pair of the company’s sandals was featured. Consumer spending power has been impacted by inflation, yet Birkenstock reported that its revenues had risen by 21% in the nine months ending in June.
Featured image of traders wearing Birkenstock sandals Wednesday on the floor of the NYSE by Spencer Platt/Getty Images
Learn about our editorial standards.
