Editor
The verdict on Birkenstock’s initial public offering: right company, wrong time.
The 277-year-old German sandal-maker’s stock was initially priced at $46, roughly in the middle of its expected range. But its value promptly dropped as shares began trading, ending the day down 12.6 percent at $40.20. Birkenstock ended the day with a market capitalisation of about $7.5 billion, still a hefty premium over the €4 billion ($4.3 billion) L…
