Birkenstock's IPO stumble: A rocky start for the global empire

German sandal maker Birkenstock had an underwhelming IPO debut on Wall Street, with its stock closing more than 12% below its initial public offering price. The shares started trading at $41, below the IPO price of $46, and closed at $40.20. This marks the worst debut by a company worth over $1 billion in nearly two years. The weak performance reflects cautious investor sentiment towards new listings, as other recent high-profile IPOs have also seen their shares fall. Despite the disappointing debut, Birkenstock still has a market capitalization of over $8 billion, double the amount at which L Catterton acquired a majority stake in the company earlier this year.