Why did Birkenstocks IPO get off on the wrong foot?

Birkenstock Holding plc is a German shoe manufacturer known for its sandals and other shoes notable for contoured cork footbeds (soles) made with layers of suede and jute, which conform to the shape of their wearers' feet.

On September 2023, Birkenstock filed for an initial public offering (IPO) in the United States stating that the company would be listed on the New York Stock Exchange under the stock ticker "BIRK". But it didn't go well - the German company’s debut is the worst first-day showing for a US listing of $1 billion or more in over two years, according to data compiled by Bloomberg.

Out of more than 300 US IPOs of that size in the past century, only 13 have fared worse.

Today Alec and Sascha chat about the less that stellar debut from the shoe brand, and ask, why?

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