Sustainable shoe maker Allbirds wants an IPO rating of over $ 2 billion

Image source: Allbirds

Sustainable shoe brand Allbirds Inc is aiming for an initial public offering (IPO) of over $ 2 billion in the United States.

With that fix Form S-1 The company, filed on Monday, said it offered about 19.23 million shares at a price of $ 12 to $ 14 per share. At the top of that range, Allbirds earns over $ 269 million in total revenue.

Allbirds will be listed on the Nasdaq stock market under the ticker symbol “BIRD”.

Established in 2015 Allbirds Shoes and apparel are made from merino wool, eucalyptus wood fiber, recycled bottles and other sustainable materials.The company, which sponsors Franklin Templeton and Oscar-winning actor Leonardo DiCaprio, has recently partnered with adidas. Sustainable sneakers..

Allbirds has sold its products primarily over the Internet, but will soon expand its current retail footprint in 27 stores in the United States. CNBC..

The San Francisco-based company said it expects more costs to raise its net loss from about $ 15 million to $ 18 million in the three months to September 30. This is compared to the loss of nearly $ 7 million in the previous year.

Morgan Stanley, JP Morgan, and BofA Securities are the main underwriters for this offering.

According to CNBC, several other companies that started as an e-commerce business and later expanded into in-store businesses made their debut in the market this year.The list includes eyeglass retailers Warby Parker And the figs of the health care apparel brand.

Allbirds is one of the few eco-friendly companies that are of interest to investors. Reuters..The IPO will follow Oprah Winfrey-backed vegan milk makers Autory group Jessica Alba Consumer Goods Company Honest company..


sauce: Equity news

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