Birkenstock stumbles in US stock market debut

Traders on the floor of the New York Stock Exchange wear Birkenstock sandals during the company’s IPO (AP Photo/Richard Drew)

Birkenstock shares are stumbling in their debut on the stock market as Wall Street trades in its wingtips for sandals for a day.

The 249-year-old German maker of upmarket sandals set a price of 46 dollars (£38) per share for its initial public offering of stock, valuing the company at 8.64 billion dollars (£7.02 billion).