Birkenstock Shares Tumble in Trading Debut After IPO

Shares of Birkenstock Holding slid more than 10% in their trading debut Wednesday after the shoemaker's initial public offering priced at $46 a share, shy of the midpoint of expectations. Shares were recently changing hands at $40.50, down 12%, after opening at $41. Birkenstock sold nearly 10.8 million shares at $46 apiece, compared with an expected pricing between $44 and $49 each. The $46-a-share IPO pricing gave Birkenstock an initial market capitalization topping $8.6 billion, but with the stock at $41.60, that figure falls to around $7.6 billion. Private-equity firm...