Allbirds Seeks to Raise Up to $269 Million in Market Debut
Allbirds has high hopes for its upcoming IPO.
The sustainable sneaker brand will offer 19.2 million shares at a selling price between $12 and $14 per share, according to a Monday filing with the Securities and Exchange Commission. At most, Allbirds says it could raise up to $269 million in its market debut, targeting an up to $2.2 billion valuation. The company has applied to list on the New York Stock Exchange under the symbol BIRD.
When it initially filed for an IPO in August, Allbirds said it wanted to lead the way for a “Sustainable Public Equity Offering, or SPO,” which works with third-party organizations to make sure companies have well-defined environmental and social goals as they go public. In an Oct. 4 update to the original document, Allbirds amended this guideline to be called the “SPO framework” and eliminated almost half of the references to it in the filing.
Allbirds has not yet listed a date for its expected market debut. The company declined to comment.
According to filings, Allbirds has seen its net revenue go from $126 million in 2018 to $219.3 million in 2020. However, the company also revealed a net loss of $25.9 million in 2020.
Allbirds was founded in 2015 with a goal to create footwear and apparel that is better for the planet. The eco-friendly brand has become notable in recent years for its focus on shoes made from sustainably sourced materials, such as tree fiber, sugarcane and crab shells. Allbirds launched its sustainable activewear collection earlier this month and its Wool Runner silhouette features a SweetFoam sole, made from a carbon-negative green ethylene-vinyl acetate, or EVA.
Allbirds is among multiple shoe brands and retail companies that are clamoring to go public this year. In August alone, footwear brands Allbirds and On filed for IPOs. Authentic Brands Group, which owns various footwear brands including Nine West, Juicy Couture, Frye, Eddie Bauer, Tretorn and more, filed for an IPO in July. Plus-size retailer Torrid, which also has a footwear line, filed for an IPO in the same month.
