Birkenstock Finally Tops IPO Price While Other Entrants Struggle
- Firms with recent listings seeing smaller gains than peers
- ‘Everything rally’ propels S&P 500 to jump 11% as VIX sinks
A Birkenstock store in Venice, California.
Photographer: Ethan Swope/Getty ImagesThis article is for subscribers only.
A rally across equity markets lifted Birkenstock Holding Plc and other newly public firms, but Wall Street still isn’t welcoming initial public offerings with open arms.
The maker of cork-soled sandals closed above its IPO price for the first time last week after a disappointing debut in October, while Klaviyo Inc. popped back above its initial share price when it listed on the New York Stock Exchange. Still, the 25 companies that raised more than $250 million each via US IPOs this year have climbed an average of 9.2%. That’s against a backdrop where the S&P 500 has climbed 19% this year and the small-cap benchmark Russell 2000 Index has netted a 6.4% gain.