Sustainable shoe company Allbirds raised nearly $303 million in its initial public offering after increasing the size of its IPO that also priced above its expected price range.
Allbirds said late Tuesday that it sold about 20.2 million shares at $15 each, up from the 19.2 million shares (at $12 to $14 each) it had planned to offer. At $15 a share, the company’s valuation is roughly $2.15 billion.
Allbirds is listed on the Nasdaq under the ticker symbol “BIRD.”
The San Francisco-based company, founded in 2015, is better known for its low-profile shoes.
Most sales are generated online, representing about 89 percent of revenue in 2020, according to a regulatory filing.
Its distribution reaches 35 countries.
It also has stores, including about a dozen in the U.S. and others in Europe and Asia, for 27 in total as of June 30.
The company has not been profitable, but sales have risen due to the company’s marketing efforts around its sustainable platform.
In the first six months of 2021, revenue increased to $117.5 million up from $92.8 million during the same period of 2020.
Allbirds’ net loss totaled $14.5 million in 2019 and grew to $25.9 million in 2020, according to documents filed with the SEC.
It expects to book a net loss of between $15 million and $18 million for the three-month period ended September 30, compared with a loss of $7 million a year earlier.
Morgan Stanley, J.P. Morgan and BofA Securities are the lead underwriters for Allbirds’ offering.
Photo courtesy Allbirds
