By
Tolu Ajiboye
April 13th, 2023
Allbirds is famously known for its popular brands Wool Runners, and casual sneakers. The company has established its market through retail stores in New Zealand, China, and the United States.
Allbirds Inc, a San Francisco-based footwear and private company, has announced the details of its United States initial public offering (IPO). According to the company, it anticipates selling 19.2 million shares priced at $12 to $14 each. As a result of which the company is expecting to raise approximately $268.8 million. Thereby bringing its market valuation to over $2 billion.
The lead underwriters for the Allbirds United States IPO include Morgan Stanley, JPMorgan and BofA Securities.
However, there are other 17 financial institutions working towards facilitating the Allbirds IPO. The New Zealand-American company has specialized in sustainable clothesline including from New Zealand superfine Merino wool.
Notably, the company was founded back in 2016 by Tim Brown and Joey Zwillinger. The firm has directly employed approximately 350 people to help oversee its operations.
The company has participated in different funding rounds since its inception. Among them is the initial investment from Maveron, Lerer Hippeau Ventures who raised $990.25 million.
Allbirds is famously known for its popular brands Wool Runners, and casual sneakers.
The company has established its market through retail stores in New Zealand, China, and the United States. Through its sustainable products, the firm has attracted global customers seeking comfortable footwear for both genders.
Bigger Picture of Allbirds US IPO
The company seeks to add on its balance sheet more revenue from its products. Notably, the firm reported a revenue of $100.2 million as of 2019. However, the revenue has since grown following its market widespread and sustained partnership.
After partnering with Adidas last year, Allbirds announced their first product earlier this year.
According to the partnership details, the duo produced the first shoe dubbed FUTURECRAFT.FOOTPRINT with less than 3KG carbon footprint.
“Our partnership with Allbirds is a beacon of what can happen when competing brands from the same industry see the possibilities in coming together to design,” said Brian Grevy, Executive Board Member Global Brands at Adidas.
Allbirds has committed to long term solving of environmental challenges. Thereby, making its IPO in the United States a strategic move towards its mission.
“We believe that the challenge of solving climate change is the problem of our generation and solving it will not be done alone. We need to find business models, new innovations and new ways of working together,” Tim Brown previously noted.
