By Colin Kellaher
Shares of Birkenstock Holding slid more than 10% in their trading debut Wednesday after the shoemaker’s initial public offering priced at $46 a share, shy of the midpoint of expectations.
Shares were recently changing hands at $40.50, down 12%, after opening at $41.
Birkenstock sold nearly 10.8 million shares at $46 apiece, compared with an expected pricing between $44 and $49 each.
The $46-a-share IPO pricing gave Birkenstock an initial market capitalization topping $8.6 billion, but with the stock at $41.60, that figure falls to around $7.6 billion.
Private-equity firm L Catterton, Birkenstock’s parent, sold another 21.5 million shares in the offering, bringing the size of the IPO to about 32.3 million shares.
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