Birkenstock sinks 12.6% in its debut trading.

Birkenstock plunges 12.6 per cent in $2.3 billion trading debut flop

Investors can finally invest in Birkenstock, which made its debut on the New York Stock Exchange last night.

Founded in 1774, the German shoemaker began making shoes that contoured the foot rather than the rest of the companies making flat soles at the time.

By 1925, Birkenstocks flooded the European markets, finally entering America in 1966, becoming a preferred choice for hippies, and now in Margot Robbie’s Barbie.

Its debut trading day was a disaster when the shares opened at $46, only to plunge 12.6% at the end of the day.

As per Bloomberg reports, only nine out of 300 US IPOs fared worse in the last century.

- Published By Team Australia News

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