Allbirds raises nearly $303 million after pricing IPO at $15 apiece
At $15 per share, Allbirds is valued at approximately $2.16 billion.
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Allbirds made its debut on Wednesday under the ticker symbol BIRD and shares took off.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BIRD | ALLBIRDS INC | 0.61 | -0.01 | -1.34% |
The eco-friendly, direct-to-consumer footwear and apparel retailer raised nearly $303 million in its initial public offering after selling 20.2 million shares at $15 apiece, up from the company's previous marketing of 19.2 million shares at $12 to $14 apiece. At $15 per share, Allbirds is valued at approximately $2.16 billion.
Approximately 16.3 million shares were sold by Allbirds and 3.8 million were sold by certain current stockholders. Underwriters have a 30-day option to purchase as many as 504,645 additional shares from Allbirds and as many as 2.5 million additional shares from current stockholders.
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Since the company's founding in 2015, Allbirds has sold more than 8 million pairs of shoes to over 4 million customers globally, including 3.3 million customers in the United States, according to its IPO prospectus filed in August.
The company's physical footprint of 27 stores and nine distribution centers allows Allbirds to reach up to 2.5 billion customers globally across 35 countries. For the first six months of 2021, Allbirds reported revenue of $117.5 million, up from $92.7 million for the same period a year ago. The company's net loss widened to $21 million for the same period from $9.5 million the year prior.
Allbirds shoes by Allbirds (Allbirds)
Allbirds shoes carry a carbon footprint that is approximately 30% less than its estimate of 14.1 kilograms of carbon dioxide equivalent (CO2e) for a standard pair of sneakers.
"If we assume all 24 billion pairs of shoes produced by the industry in 2019 had a 30% lower carbon footprint relative to our estimate of the carbon footprint of a standard sneaker, the industry would have saved 98 million tonnes of CO2e, which is equivalent to taking 21 million cars off the road in the same timeframe," the company noted in its prospectus.
As a B-corporation, the board of Allbirds is legally required to balance profits and purpose and share a report on how its improving society and the environment.
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The offering is being led by Morgan Stanley, J.P. Morgan Chase and Bank of America. Allbird's biggest investors include affiliates of Maveron, Tiger Global, T. Rowe Price, Fidelity and Lerer Hippeau Ventures, the filing shows.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WRBY | WARBY PARKER INC. | 12.69 | +0.39 | +3.13% |
| RENT | RENT THE RUNWAY INC. | 14.34 | +0.72 | +5.29% |
Allbirds' IPO follows eyeglasses retailer Warby Parker, which made its debut on the New York Stock Exchange in September under the ticker symbol WRBY, and Rent the Runway, an e-commerce platform that rents out designer apparel and accessories, which began trading under the ticker symbol RENT last week.