Birkenstock set for New York listing after $1.5 billion IPO

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 company's IPO raised $1.48 billion after its 32.3 million shares were conservatively priced at $46 apiece, signaling a smooth debut for the 250-year-old brand. "It's clear there is some caution among investors about the path ahead for the brand, as the price set of $46 a share was at the middle, not top end of the initial range," said Susannah Streeter, head of money and markets at Hargreaves Lansdown.