Allbirds, a sustainable footwear brand sold direct to consumer, announced terms for its IPO on Monday.
The San Francisco, CA-based company plans to raise $250 million by offering 19.2 million shares (20% secondary) at a price range of $12 to $14. Existing shareholders Franklin Templeton and TDM Growth Partners intend to purchase $70 million worth of shares in the offering (28% of the deal). At the midpoint of the proposed range, Allbirds would command a fully diluted market value of $2.0 billion.
Allbirds states that it is a global lifestyle brand that makes footwear and apparel products using naturally derived materials, such as tree fiber, sugarcane, crab shells, and more. Allbirds markets directly to consumers via its digital platform and its physical footprint of stores, which included 27 company-operated stores as of June 30, 2021. Through its distribution infrastructure, the company is able to reach up to 2.5 billion people globally across 35 countries. A public benefit corporation (PBC) and certified B Corp, Allbirds has maintained a carbon-neutral supply chain since 2019.
Allbirds was founded in 2015 and booked $244 million in sales for the 12 months ended June 30, 2021. It plans to list on the Nasdaq under the symbol BIRD. Morgan Stanley, J.P. Morgan, BofA Securities, Baird, William Blair, Piper Sandler, Cowen, Guggenheim Securities, KeyBanc Capital Markets, Stifel, and Telsey Advisory Group are the joint bookrunners on the deal. It is expected to price during the week of November 1, 2021.
