Birkenstock share above issue price for the first time
Seven weeks after the botched US stock market debut, the shares of the German sandal manufacturer Birkenstock have managed to exceed the issue price of 46 dollars (just under 42 euros) for the first time. The stock reached a high of 46.60 dollars in the course of trading on Wednesday, before the price slipped back to 45.75 dollars at the end.
Birkenstock's IPO at the beginning of October was hit by investor concerns about consumer spending, among other things. On the first day of trading alone, the share price slipped by almost 13 percent below the issue price and initially remained weak. However, good market figures at the start of the Christmas shopping period around Black Friday allayed investors' concerns and Birkenstock shares have also risen sharply in recent days.
Birkenstock had already set the issue price at 46 dollars, rather cautiously in the middle of the previously set range of 44 to 49 dollars. The traditional company with its headquarters in Linz am Rhein in Rhineland-Palatinate currently has a market capitalization of around 8.6 billion dollars.
The success of Birkenstock in the retail trade sector has led to an increase in interest from investors on stock exchanges. The surge in Birkenstock's share price, exceeding the initial issue price of $46 for the first time, is a testament to the growing popularity of the brand in the fashion and clothing industry.
Source: www.dpa.com
