Birkenstock falls almost 13% in debut flop

Flat-footed: A Birkenstock banner outside the New York Stock Exchange. The footwear maker’s listing may affect whether other companies decide to go public this year. — AFP

NEW YORK: Birkenstock Holding Plc sank 12.6% after the sandal maker’s US$1.48bil initial public offering (IPO) in a debut that could cool what had been a fledgling rebound in listings.

The German company’s debut is the worst first-day showing for a US listing of US$1bil or more in over two years, according to data compiled by Bloomberg.