Footwear specialist Birkenstock, arguably made internationally famous by the recent Barbie movie, has seen its shares flop on their US market debut.

Birkenstock’s Initial Public Offering (IPO) saw shares open 11% down on the offer price of $46 a share.

It marked a lukewarm reception for the German firm, whose roots can be traced back to 1774.

Birkenstock, best-known for its sandals, gained widespread attention after Australian actress Margot Robbie wore a pair of pink Birkenstocks in the final scene of Barbie – the biggest hit of the summer releases.

It was seen as the spark behind the flotation but the IPO market has proved tricky for several years given global volatility since the COVID pandemic and, latterly, the end of the era of cheap credit due to central bank interest rate hikes.

Susannah Streeter, head of money and markets at Hargreaves Lansdown, said of Birkenstock’s debut: “It’s clear there is some caution among investors about the path ahead for the brand.”

The opening price, which took four hours to materialise, valued the company at $8.3bn.

While well down on the offer price, it is still nearly double the valuation seen in 2021 when private equity firm L Catterton acquired a majority stake.

It will continue to have a holding of around 82%.

The stake sale raised almost $1.5bn.

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Recent IPO success stories include that of Arm, the UK-based chip designer, but market experts said it had been common recently for investors to wait until after a flotation to dip their toes, given the current market difficulties.

They have seen stocks lose their appeal in favour of safe havens such as the dollar amid grumblings in the US on the likelihood of more interest rate rises to cool inflation.

Birkenstock, which has partnership deals with luxury fashion brands including Dior and Stüssy, recently disclosed a 20% fall in net profits despite a 21% leap in revenues over the first nine months of its financial year.

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