Shoe manufacturer Birkenstock Holding has debuted on the New York Stock Exchange as it welcomes more investors following L Catterton’s acquisition of the company in 2021.

The company priced its initial public offering at $46 per share, which gave it an $8.6 billion valuation. However, it opened at $41 per share, 11 per cent below the IPO price, according to CNN‘s Nightcap.

Its shares subsequently declined even further, closing down by almost 13 per cent.

“Today’s listing at the New York Stock Exchange marks a significant milestone in our joint journey,” said Nikhil Thukral, managing partner in the flagship fund at L Catterton. “It is proof of the great partnership between Birkenstock and L Catterton, and it is fantastic to see such interest from investors and consumers across the globe.

“We look forward to continuing our successful partnership and to providing support through our global platform and network to the business so it can fully realise its significant growth potential.”

Birkenstock explained that going public is the logical next step for the company after the founding family decided to step back from the operational business.