Birkenstock starts off on the wrong foot

Klaviyo

11/10/2023 18:36

(Updates with opening price)
    ** German sandal maker Birkenstock Holding  BIRK.N  stumbles
in debut on Weds after mid-range IPO pricing
    ** BIRK opens at $41.00, ~11% below $46 IPO price. Shares
last trading down 11.6% at $40.65
    ** IPO of ~32.3 mln shares priced just below midpoint of
$44-$49 range, for ~$1.5 bln raise
    ** Co offered ~10.8 mln shares, while private equity firm L
Catterton sold ~21.5 mln shares
    ** L Catteron, backed by French billionaire Bernard Arnault
and luxury goods giant LVMH  LVMH.PA , to own about 83% of
Birkenstock post-IPO
    ** Arnault purchased $325 mln of IPO through his family
office, Financière Agache, and Durable Capital Partners and
Norway's Norges Bank invested $300 mln combined
    ** Goldman Sachs, J.P. Morgan and Morgan Stanley leading the
IPO
    ** Birkenstock's offering comes after hot starts last month
by marquee firms chip designer Arm Holdings  ARM.O , grocery
delivery app Instacart/Maplebear  CART.O  and marketing
automation firm Klaviyo  KVYO.N . But the sharp pull back in
their stocks dampened expectations for a resurgence of the IPO
market
    ** Meanwhile, shares of ARM, CART and KVYO all falling on
Weds. Including moves on the session, ARM and KVYO currently up
~7% and ~12%, respectively, from their IPO prices, while CART
down ~16%

 (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))