October 26, 2021
, an eco-friendly sneaker brand based in Silicon Valley, is preparing for its . The company is aiming for a valuation of over $2 billion.
Allbirds will offer 19.2 million shares, with each one priced at $12-14. This means the IPO — the date of which has not yet been announced — could fetch up to $269 million. Shares will be listed on the New York Stock Exchange with the ticker symbol BIRD.
The company made the decision to go public following — it reported a loss of $21.1 million for the six-month period through to the end of June, and has admitted that it is unlikely to make a profit any time soon.
The trend is set to continue in this quarter, with losses of $15-18 million expected — something Allbirds blames on increased expenses. However, the company says net revenue is likely to grow by up to 32% as sales in its physical stores increase.
Over the past few years, Allbirds has received some high-profile support, having counted actor since 2018. Ashton Kutcher, Barack Obama, and Google founder Larry Page are all reportedly fans of the brand.
Allbirds is a certified B-Corp with a strong focus on sustainability, using materials such as sugarcane and eucalyptus fibres for its sneakers. Earlier this year, the brand launched a shoe with a sole made from carbon-negative green ethylene-vinyl acetate.
Currently, Allbirds operates 27 physical stores, and it has outlined ambitious plans for expansion despite recent losses. The brand says it is in the “early phase of a ramp towards hundreds of potential locations.”