Birkenstock edges up after dismal US debut

Klaviyo

12/10/2023 13:07

** Birkenstock's  BIRK.N  shares edge up 0.6% to $40.45
premarket, after German sandal maker's dismal Wall Street debut
    ** BIRK opened at $41.00 on Weds and finished session
at$40.20, down 12.6% from the $46 IPO price, giving co a
fully-diluted market cap of roughly $8.2 bln
    ** L Catteron, U.S. PE firm backed by French billionaire
Bernard Arnault and his luxury goods giant LVMH  LVMH.PA , paid
$4.35 bln to acquire a majority stake in the shoemaker in 2021
    ** L Catterton owns about 83% of Birkenstock post-IPO
    ** Birkenstock is the 4th major firm to price a U.S. IPO
over the past month following offerings of chip designer Arm
Holdings  ARM.O , grocery delivery app Instacart/Maplebear
 CART.O  and marketing automation firm Klaviyo  KVYO.N 
    ** Birkenstock's underwhelming debut, along with the
lackluster performance of that trio since going public, has
added to doubts about an IPO market resurgence heading into
year-end
    ** Shares of ARM and KVYO closed Weds up ~7% and ~12%,
respectively, from their IPO prices. However, CART is 17% below
its IPO price

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))