BIRK Stock Alert: Birkenstock Falls 5% on First Full Trading Day
For investors who enjoy dissecting initial public offerings (IPOs), this year has been much better than 2022. The IPO market has bounced back slightly, after all but shutting down last year. $Birkenstock (BIRK.US)$ is the latest notable IPO. BIRK stock hit the market at $46 per share yesterday, only to sink roughly 17% from this level at the time of writing.
Yesterday marks the first full day of trading for BIRK stock, which is down another 5% in afternoon trading. Yesterday’s shaky start is making headlines as it’s not par for the course. Most IPOs are strategically priced lower than where the insiders think the stock should trade. This allows for immediate appreciation and the potential for over-allotment shares to be bought at a discount by the consortium of banks bringing the deal public.
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