Iconic German sandal maker Birkenstock Holdings PLC’s stock BIRK, opened at $41.20 in its trading debut Wednesday, down 10.4% from its issue price of $46. The initial public offering priced late Tuesday, a bit shy of the midpoint of its expected range, as investors remain cautious about new public debuts and the casual-footwear market remains competitive. The company is expected to start trading on the New York Stock Exchange on Wednesday under the ticker “BIRK.” Goldman Sachs, JPMorgan and Morgan Stanley were the lead underwriters on the deal.
