Birkenstock Holding Limited (BIRK) shares tumbled over 12% on their first day of trading as demand for newly listed companies remains tepid in a sluggis🎉h 𒀰market for initial public offerings (IPOs) amid rising interest rates and market uncertainty.ꦇ

The German sandal maker had priced its IPO at $46 per share, in the middle of its expected range of $44 to $49, giving it a value of approximately $8.64 billion. About 32.26 mꦇillion shares were sold in the IPO, 10.8 million by the company, and 21.5 million by shareholderꦗs. 

CEO Oliver Reichert said in a regulatory filing that because of its strong reputation and the universal appeal of its brands, “we have efficiently built a growing global fanbase of millions of consumers that uniquely transcends geography, gender, age, and income.”

The 249-year-old Birkenstock also saw demand for its footwear take off recently after the shoes were featured in the blockbuster movie, “Barbie.”

Birkenstock's debut comes after a string of highly anticipated IPOs from Arm (ARM), Kenvue (KVUE), and Instacart (CART). However, after some initial enthusiasm, they are all trading below their opening day price.