Birkenstock shares sink on Wall Street debut

German sandal maker Birkenstock had an underwhelming debut on Wall Street, with its stock ending over 12% below its IPO price. The shares started trading at $41 after the IPO was priced at $46, raising $1.48 billion. The decline marks the worst debut by a $1 billion company in nearly two years. This follows the weak performances of other high-profile market debuts including Arm Holdings, Instacart, and Klaviyo.