Allbirds navigates IPO
San Francisco-based direct-to-consumer brand Allbirds, a B Corporation best known for its casual footwear made from natural materials, has made its initial public offering (IPO) plans concrete.
Though the current size of the offering is currently $100 million, Bloomberg said that this figure is in reality nothing more than a placeholder that will change when terms of the share sale are set.
The business news outlet further commented that, according to its sources, Allbirds was seeking to be valued at $2 billion (at a minimum) as recently as June.
However, the company’s recent, 200-page filing with the US Securities and Exchange Commission saw it make somewhat mixed results public. While it stated that its first-half net revenue increased by 27% year on year to $118 million, it also said that its net loss soared to $21 million from $9.5 million during the same period.
Allbirds, which recently expanded into activewear, typically fashions its sustainability-focused footwear from materials including wool, eucalyptus fibre, castor bean oil and crab shells.
Image: Allbirds’ newest Atlanta, USA, store. Credit: Garey Gomez
