Sneaker brand Allbirds set to raise IPO to $ 303 million

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(Bloomberg) – Shoemaker Allbirds Inc. has broadened its initial public offering and valued the shares above a marketed range to raise $ 303 million, according to a person familiar with the matter and a company file.

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The San Francisco-based company and its existing shareholders sold the shares on Tuesday for $ 15 each after offering them for $ 12 to $ 14, said the person who asked not to be identified because the information was yet to be identified. public. The filing with the U.S. Securities and Exchange Commission listed the price of $ 15 per share, as well as adding about 1 million shares to the 19 million that had been marketed earlier.

An Allbirds representative did not immediately respond to a request for comment.

Allbirds has a market value of approximately $ 2.16 billion based on the outstanding shares listed on its file. Taking into account employee stock options and restricted stock units, the company would have a fully diluted value of over $ 2.4 billion.

That’s an increase from a funding round last year that valued it at $ 1.7 billion, according to data provider PitchBook.

The company’s listing follows several other prominent consumer names that have gone public, including an $ 858 million IPO in September by On Holding AG, the star-backed high-performance footwear maker. tennis Roger Federer.

Allbirds has expanded beyond the woolen sneakers favored by environmentally conscious shoppers to include clothing. The brand’s direct-to-consumer net sales for the six months ended June 30 increased 27% year-on-year to $ 118 million. During the same period, his net loss widened to $ 21 million from $ 9.5 million.

The company’s talk to shoe buyers emphasizes the natural and sustainable materials used in its shoes, including eucalyptus fiber, castor oil and crab shells, as well as wool.

The Shoemaker is a B-Corp, which means its board of directors is legally bound to balance profit and purpose and publicly share an impact report on how it improves the company or the environment. .

The offering is led by Morgan Stanley, JPMorgan Chase & Co. and Bank of America Corp. The company’s hares are expected to start trading Wednesday on the Nasdaq under the symbol BIRD.

(Updates with additional actions in the second paragraph)

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