It was the right call to skip Birkenstock Holding on opening day. When the average IPO has crashed 31% since its starting price, you’re better off keeping your powder dry until the banks give their companies some support.

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.