Allbirds aims for $2bn US IPO valuation
Sustainable footwear and apparel company Allbirds says in its initial regulatory filing that it is aiming for a US$2bn valuation for its US Initial Public Offering (IPO).
Allbirds is offering 19.2m shares priced between $12-$14 per share, according to a regulatory filing posted yesterday (25 October).
Allbirds, a Certified B Corporation, has applied to list its Class A common stock on The Nasdaq Stock Market under the symbol “BIRD”, however, it is not confirmed when it will enter the stock market.
The filing explains that on the assumed initial public offering price per share of $13 (the midpoint between $12 and $14), the aggregate intrinsic value of the outstanding stock options as of 30 June was $171.3m with $94.8m related to vested stock options.
Since the company was founded in 2015, it says it has sold more than 8m pairs of shoes to over 4m customers globally, including 3.3m customers in the US.
“Our rapid growth validates our value proposition and compelling business model,” it said in the filing, noting net revenue has grown from $126m in 2018 to $219.3m in 2020, representing a compound annual growth rate (CAGR) of 31.9%.
“As we reflect on our first five years, it is clear that nothing matters more than the people we journey with,” Allbirds founders Tim Brown and Joey Zwillinger said in the document. “More than anything, the completion of this IPO is a tribute to the Flock, our partners and collaborators, and our families who have believed in our vision and helped shape it into what it is today—the opportunity to build a category-defining brand to tell our grandkids about. We hope you join us on this journey.”
Allbirds filed for an IPO in August, revealing strong digital sales in its last financial year. In its IPO filing, the company said it is hoping to pioneer a framework for companies to conduct a Sustainable Public Equity Offering, or SPO.