Californian shoemaker Allbirds aims for USD 2 Bn valuation in U.S. IPO
Category: #business  | By Nikita Chaurasia  | Date: 2021-10-27 |
  • shareshare_icon
  • Twitter
  • Facebook
  • LinkedIn

Californian shoemaker Allbirds aims for USD 2 Bn valuation in U.S. IPO
  • The company’s net revenue is projected to jump by 32% to USD 62.5 million in Q3 2021.
  • The IPO will be underwritten by Morgan Stanley, BofA Securities, and JP Morgan Chase & Co.  

California-based ecofriendly shoe manufacturer, Allbirds Inc. is reportedly aiming for a USD 2 billion valuation in a New York IPO, fueled by rising consumer demand and increasing investor interest for such product offerings.

The company, backed by Franklin Templeton Investments, is planning to offer 19.2 million shares priced between USD 12 and USD 14, along with selling shareholders. The IPO is likely to yield a maximum of USD 269 million.

In recent years, factors such as rising efforts to control global warming, the gradual switch towards eco-friendly habits & alternatives, and increasing pressure from activists have compelled various investors and companies to participate in this change.

Other similar companies which have attracted investors with their sustainable offerings are Swedish vegan milk company Oatley Group AB which is backed by Oprah Winfrey, and Jessica Alba’s The Honest Company Inc.

For the record, Allbirds Inc. was founded in 2015 in California. The company is backed by Oscar-winning actor Leonardo DiCaprio and makes use of eucalyptus derived fibers, wool, and other plant-based alternatives in its products. The company has also joined forces with German shoemaker Adidas AG to create a range of durable sneakers.

It is worth noting that various high-profile celebrities and top business executives such as Ashton Kutcher, Barack Obama, and Google Co-founder, Larry Page wear Allbirds sneakers.

As per its latest filing, the company’s net revenue is projected to jump by 32% to USD 62.5 million in Q3 2021 owing to rising sales in its physical stores. However, growing expenses are projected to raise net loss in the 3rd quarter from USD 15 million to USD 18 million, as compared to USD 7 million in 2020.

Source Credits—

https://businesshala.com/eco-friendly-sneaker-maker-allbirds-aims-for-2-billion-valuation-in-u-s-ipo/

  • shareshare_icon
  • Twitter
  • Facebook
  • LinkedIn


About Author

Nikita Chaurasia     twitter

Nikita Chaurasia

Having always been daft at wordplay, Nikita Chaurasia, post the completion of post-graduation, commenced her journey into the content generation cosmos. Endowed with a professional MBA degree in Advertising and Public Relations, Nikita strives to integrate her creativ...

Read More..

More News By Nikita Chaurasia

Tata Elxsi Shares Rise 2% as ISRO Partnership Fuels Investor Optimism

Tata Elxsi Shares Rise 2% as ISRO Partnership Fuels Investor Optimism

By Nikita Chaurasia

In recent turn of events, Tata Elxsi reportedly experienced a positive surge of over 2% in its shares on Thursday as investors welcomed the company's collaboration with the Indian Space Research Organization (ISRO) for the upcoming Gaganyaan Miss...

General Motors passes Ford to become the second-best EV seller in U.S.

General Motors passes Ford to become the second-best EV seller in U.S.

By Nikita Chaurasia

Detroit-based American multinational automaker, General Motors, has reportedly pulled ahead of fellow American rival, Ford Motor, to establish itself as second-biggest seller of all-electric vehicles in the US during the first quarter of 2023. The...

McKinsey commences job cuts focused on non-client serving teams

McKinsey commences job cuts focused on non-client serving teams

By Nikita Chaurasia

McKinsey and Co. a consulting giant entity has decided to start cutting jobs in one of the biggest rounds of layoffs for the company. This is likely to eliminate the jobs of about 2000 employees from work. The layoffs will be focused on support st...