Sandals company had expected an IPO price of between $44 and $49 a share
German sandal maker Birkenstock has reportedly priced its initial public offering at $46 a share, on the low end of its expected range, as investors remain cautious about new public debuts.
Birkenstock had expected to sell more than 32 million shares at an IPO price of between $44 and $49 a share. The company is expected to start trading on the New York Stock Exchange on Wednesday under the ticker “BIRK.” Goldman Sachs, JPMorgan and Morgan Stanley are the lead underwriters. Renaissance Capital Founder and CEO Bill Smith said Birkenstock was hoping to appeal to investors based on a “combination of profitability and growth, along with widespread brand recognition.”
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