German sandal company Birkenstock experienced a disappointing debut after landing on the New York Stock exchange.

The brand experienced a meteoric rise in popularity over the past decade, selling over 30 million pairs in 2022 alone.

Birkenstock priced its initial public offering at $46 a share- but the share prices quickly fell 12.6 percent and closed at $40.20.

Stake Chief Marketing Officer Bryan Wilmot says many IPOs have attempted to enter the market within the last two years- and the economy turned quickly.

"The market was booming, we saw people taking advantage of that. Then interest rates started to rise, uncertainty and volatility turned the market- the IPO market has completely dried up."

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