Allbirds, a sustainable footwear brand sold direct to consumer, raised $303 million by offering 20.2 million shares (19% secondary) at $15, above the range of $12 to $14. The company offered 1 million more shares than anticipated. Existing shareholders Franklin Templeton and TDM Growth Partners had indicated on $70 million worth of shares in the offering (23% of the deal).
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 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 acted as joint bookrunners on the deal.
