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Highlights
- Allbirds plans to offer around 15.4 million shares directly through the public listing, and the remaining shares would be allotted through certain shareholders.
- Allbirds is expected to start trading on the Nasdaq Stock Market under the 'BIRD' stock symbol.
- Established in 2015, Allbirds had 27 physical stores as of June 30, 2021.
Sustainable shoemaker, Allbirds has set terms for its initial public offering and targets a valuation of more than two billion US dollars. The New Zealand-American company would be listing 19.23 million shares in the common stock offering.
Allbirds plans to offer around 15.4 million shares directly through the public listing, and the remaining shares would be allotted through certain shareholders. In addition, the underwriters would get an option to acquire an additional 2.9 million shares with 30 days.
Due to its idea of sustainability, Allbirds has a good following among urban professionals, and it relies on the web to sell its wool sneakers and other eco-friendly products. The company was established in 2015, and as of June 30, 2021, the company operated through 27 physical stores.
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Allbirds reportedly has plans to increase its presence by opening stores in shopping malls and on street fronts. In August 2021, the company launched an activewear collection, and the company could expand further by using gross proceeds from the IPO.
If you are interested in this sustainable brand, here's all you need to know:
Allbirds' price range and key IPO details
According to the prospectus filed with the Securities and Exchange Commission, Allbirds has not revealed the date for its public debut. However, the eco-friendly shoemaker could go public soon if the final registration is approved by the SEC.
The price range of the Allbirds stock is between US$ 12 to US$ 14 per share, and at the maximum price, Allbirds could generate US$ 269 million in gross proceeds.
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Allbirds is expected to start trading on the Nasdaq Stock Market under the 'BIRD' stock symbol. The leading underwriters for the IPO would be Bank of America, J.P. Morgan, and Morgan Stanley.
For the year ended December 31, 2020, the company had cash and cash equivalents worth US$ 126.6 million, up from US$ 74.3 million in 2019.
Bottom line
Allbirds could increase its number of customers in future as people become more aware of climate change. The company claims that it was started to fight climate change and focuses on reducing carbon emissions.
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According to the company documents, Allbirds' footwear averages 30 per cent less carbon footprint than a regular pair of sneakers. In addition, the sustainable brand does not use polyester in its products, a material that is believed to add 700 million tons of carbon every year into the atmosphere.
