Page 45 - Susannah Streeter News Today

LVMH-backed Birkenstock was set for a New York listing on Wednesday after the German luxury sandal maker notched a valuation of $9.3 billion in its U.S. initial public offering. The...

The companys stock was indicated to open between $46 to $48 on the New York Stock Exchange, compared with its initial public offering price of $46. The stock sale raised $1.48 billion.

LVMH-backed Birkenstock was set to list its shares on the New York Stock Exchange on Wednesday after the German luxury sandal maker notched a valuation of US$9.3 billion in its U.S. initial public offering.

LVMH-backed Birkenstock was set to list its shares on the New York Stock Exchange on Wednesday (Oct 11) after the German luxury sandal maker notched a valuation of US$9.3 billion in its US initi

LVMH-backed German luxury sandal maker receives a tepid response

Birkenstock is the fourth major company to launch a US IPO in the last four weeks

Shares in Birkenstock began to slide on Wednesday afternoon just hours after they started trading on the New York Stock Exchange.

The stocks each gained at least 8% in the session, the most in more than three years.

Saturdays assault has sparked fresh concern about geopolitical risks at a time when global financial markets already were grappling with the impact of higher interest rates and the slowdown in Chinas economy. Oil prices surged while US stock-indexes dropped.

Defence majors such as Lockheed Martin, Northrop Gruman, Huntington Ingalls, L3Harris Tech and General Dynamics have gained at least 8% each on the S&P 500 Index today