Germany's Birkenstock debuts on New York stock market
A total of 32.26 million ordinary shares were being made available in the company's Initial Public Offering German footwear brand Birkenstock has begun trading stock in New York in a milestone move. Shares opened at $41, about 11% lower than what the company aimed for in its initial public offering. The German sandal maker Birkenstock debuted on the New York Stock Exchange on Wednesday with an initial share price of $41 (€38.71). The opening share price was about 11% lower than its initial price of $46 set Tuesday, and below the range of $44 to $49 expected just a week ago. Founded in 1774, the company was run by the same family until 2013 and the stock flotation marks a new departure. What we know about the sale The floatation comes two years after the Birkenstock heirs sold a majority stake to a private equity group linked to luxury conglomerate LVMH and its billionaire boss Bernard Arnault. The conglomerate will retain control of Birkenstock after the...