Birkenstock's Stock Plummets 18% in Two Days on Wall Street
Birkenstocks' stock dropped 6% on its second day of trading on Wall Street, deepening losses after falling over 12% in its first session. The 250-year-old German shoemaker had aimed to price its initial public offering at $49 per share but ended up pricing at $46 per share, already lower than hoped. On its second day of trading, Birkenstock shares fell to around $37.79, representing an overall decline of around 18% from the IPO price. At its current market value of around $7 billion, Birkenstock is still worth nearly double the $4.35 billion paid by private equity firm L Catterton to acquire a majority stake last year.
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00:00 It's Benzinga and here's what's on the block.
00:03 Birkenstock stock dropped 6% on its second day of trading on Wall Street, deepening losses
00:06 after falling over 12% since first session.
00:09 The 250-year-old German shoemaker had aimed to price its initial public offering at $49
00:13 a share, but ended up pricing at $46 per share, already lower than hoped.
00:17 On its second day of trading, Birkenstock shares fell to around $37.79, representing
00:22 an overall decline of around 18% from the IPO price.
00:25 At its current market value of around $7 billion, Birkenstock is still worth nearly double the
00:29 $4.35 billion paid by private equity firm Alcatraz to acquire a majority stake last
00:34 year.
00:35 For all things money, visit Benzinga.com.
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