Birkenstock's stock slides another 3.5% as post-IPO weakness persists
Birkenstock Holding PLC's stock (BIRK) fell another 3.5% on Thursday, extending the losses seen in their trading debut a day earlier. The stock closed down 12.6% on Wednesday at $40.20, well below the IPO issue price of $46. The deal was expected to prove the latest test for the IPO market, which has languished of late as key deals perform well out of the gate but then decline in subsequent trading. "Since investors have been burned by many of the IPOs and SPACs from the last few years, there is a common theme of waiting "until the dust settles," said Tom Bruni, senior writer at StockTwits, a social platform for investors and traders.
-Ciara Linnane
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10-12-23 1127ET
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