German shoemaker Birkenstock has priced its IPO at $46 per share, resulting in a market valuation of around $8.6 billion. The company plans to offer approximately 32 million shares within a price range of $44 to $49 per share. The IPO is the first major listing to challenge the new-issue market's stability since last month. The performance of Birkenstock's stock will likely shape the sentiment and direction of the IPO market. The company is scheduled to commence trading on the NYSE under the BIRK symbol.