Birkenstock stumbles on Wall Street as investors find sandal maker’s shares too pricey

By MICHELLE CHAPMAN
AP Business Writer

NEW YORK (AP) — Birkenstock shares have tumbled in their debut on the New York Stock Exchange as Wall Street traded in its wingtips for sandals for a day. The 249-year-old German maker of upmarket sandals set a price of $46 per share for its initial public offering of stock, valuing the company at $8.64 billion. The stock trading under the “BIRK” ticker symbol ended the day down 12.6% at $40.20. The company’s footwear was first cobbled together by Johann Adam Birkenstock in Germany in 1774. The sandals have long been derided as the antithesis of high fashion but have a cult following and this summer got a plug in the blockbuster movie “Barbie.”