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Shares of German shoe brand Birkenstock dropped over 12% in the stock's public market debut on Wednesday. The stock opened at $41 after the company known for its Arizona sandals priced its IPO at $46 per share. Birkenstock raised almost $500 million in the offering and says it plans to use the proceeds to pay off loans.

Latest IPOs and Direct Listings

Birkenstock (BIRK) opened on Oct. 11 at $41. The company had priced 32.26 million shares at $46.00, within the $44.00-$49.00 range. Birkenstock is offering 10,752,688 ordinary shares, and the selling shareholder is offering 21,505,376 ordinary shares.

Birkenstock identifies itself as "a global brand which embraces all consumers regardless of geography, gender, age and income and which is committed to a clear purpose - encouraging proper foot health" backed by "a family tradition of shoemaking that can be traced back to 1774."

Agape ATP (ATPC) opened on Oct. 11 at $3.40 per share. The company had priced 1.65 million shares at $4.00. The deal priced below the target range of $5.50-$6.50. Agape ATP is an international health and wellness service company.

Performance

• Birkenstock ended the week at $36.38.
• Agape ATP finished Friday at $1.60.

Recent IPOs to Watch 

Instacart (CART), Klaviyo (KVYO), MDB Capital (MDBH), SR Bancorp (SRBK), Davis Commodities (DTCK), and Turbo Energy (TURB) are among stocks that could see new coverage roll out this upcoming week as the quiet periods for banks that underwrote the companies' IPOs expire.

Upcoming IPOs

Upcoming IPO and direct listings expected include Triller, Pineapple Financial, Rubrik, Richtech Robotics, and New Era.

In a regulatory filing on Friday, Triller reported having filed a prospectus with the SEC related to the registration of the resale of shares of its Class A common stock by its stockholders identified in the prospectus. The filing stated the following:

"Unlike an initial public offering, the resale by the Registered Stockholders is not being underwritten by any investment bank. The Registered Stockholders may, or may not, elect to sell their shares of our Class A common stock covered by this prospectus, as and to the extent they may determine. Such sales, if any, will be made through ordinary brokerage transactions on the New York Stock Exchange, or 'NYSE'... We will not receive any proceeds from the sale of shares of Class A common stock by the Registered Stockholders."

Pineapple Financial has filed with the SEC for an initial public offering of 875,000 shares. No public market currently exists for the company's shares. Pineapple Financial anticipates that the initial public offering price of its common shares will be between $4-$6 per share.

Rubrik, a cloud and data security startup backed by Microsoft (MSFT), is on track for an initial public offering in 2023 and its investor roadshow could begin as soon as next month, Bloomberg's Amy Or and Katie Roof reported last month, citing people familiar with the matter. The IPO could bring in $500 million to $700 million, the authors stated, noting that the timing and amount to be raised is still subject to change.

Richtech Robotics has filed with the SEC for an initial public offering of 3 million shares of Class B common stock on a firm commitment basis. The company stated the following in its IPO filing: 

"Prior to this offering, there has been no public market for our Class B common stock. The initial public offering price per share is expected to be between $4.00 and $6.00. We have applied to list our Class B common stock on the Nasdaq Capital Market under the symbol "RR" and the listing of our Class B common stock on the Nasdaq Capital Market is a condition to the underwriters' obligation to close.

"In addition to the offering by us, nine selling stockholders are offering an aggregate of 1,000,000 shares of Class B common stock, which they may sell at the initial public offering price of the underwritten offering until such time as our Class B common stock is listed on the Nasdaq Capital Market, at which time they may sell such shares from time to time at prevailing market prices or at negotiated prices."

New Era Cap, a supplier of major U.S. sports league headwear, kicked off preparations for an initial public offering in New York that could value it at $4 billion to $5 billion, Reuters reported last month, citing people familiar with the matter. New Era, which makes caps affiliated with the NFL, MLB, and NBA, has invited investment banks and law firms to pitch for roles in its stock market debut, the sources said.

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