Sustainable Shoe Maker Allbirds Seeks IPO Valuation North of $2 Billion

Kimberly Redmond  |

Image source: Allbirds

Sustainable shoe brand Allbirds Inc is eyeing a valuation exceeding $2 billion in its US initial public offering (IPO).

In its amended Form S-1 filed Monday, the company said it is offering about 19.23 million shares priced between $12 and $14 apiece. At the high end of that range, Allbirds would fetch gross proceeds of over $269 million.

Allbirds expects to list on The Nasdaq Stock Market under ticker symbol “BIRD.”

Founded in 2015, Allbirds makes its footwear and apparel out of merino wool, eucalyptus tree fibers, recycled bottles and other sustainable material. The company, whose backers include asset manager Franklin Templeton and Oscar winning actor Leonardo DiCaprio, recently partnered with Adidas to create a line of sustainable sneakers.   

CVS Health To Close 900 US Stores Over Next Three Years

Allbirds has primarily relied on the internet to sell its products, but soon plans to expand its current retail footprint of 27 US stores, according to CNBC.

The San Francisco-headquartered company disclosed that it expects higher expenses to drive up net losses to about $15 million to $18 million in the three months ended Sept. 30, compared to a loss of nearly $7 million a year earlier.

Morgan Stanley, JP Morgan and BofA Securities are the lead underwriters for the offering.

Several other companies that began as e-commerce businesses and later expanded into brick-and-mortar operations made their market debuts this year, CNBC noted. That list includes eyeglasses retailer Warby Parker and healthcare apparel brand Figs.

Allbirds is among several eco-friendly companies that have captured investor interest, according to Reuters. Its IPO would follow Oprah Winfrey-backed vegan milk maker Oatly Group and Jessica Alba’s consumer goods company The Honest Company.   

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Source: Equities News

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