German shoemaker Birkenstock has reportedly priced its initial public offering at $46 per share, resulting in a market valuation of around $8.6 billion.

Birkenstock and its private equity owner aimed to offer approximately 32 million shares within a price range of $44 to $49 per share.

This IPO launch represents the first major listing to challenge the new-issue market's stability since a series of prominent offerings last month, Wall Street Journal noted.

The performance of Birkenstock's stock in the coming days will likely shape the sentiment and direction of the IPO market, which has recently shown signs of revival after a prolonged quiet spell.

Birkenstock is scheduled to commence trading on the New York Stock Exchange under the BIRK symbol.

In recent weeks, stock prices have experienced significant fluctuations, particularly within the technology sector, which has witnessed declines exceeding broader market indexes.

A combination of concerns about the health of the U.S. consumer and uncertainties related to high interest rates have influenced fund managers' perceptions of Birkenstock's value during the IPO.

Although household spending remains robust, the Federal Reserve's indication of prolonged high interest rates has raised apprehensions among investors. Last week, the Dow Jones Industrial Average recorded its most substantial loss since March.

Despite these challenges, major indexes continue to exhibit overall gains for the year, with the Nasdaq Composite, a tech-heavy index, posting an impressive surge of roughly 30% since the close of 2022.