Allbirds, a eco friendly lifestyle brand, filed for an initial public offering on Tuesday with plans to list on Nasdaq under the ticker “BIRD.” Morgan Stanley, JPMorgan and BofA Securities are lead underwriters in a team of 17 banks working on the deal. Proceeds will be used for general corporate purposes and working capital.
“Allbirds is a global lifestyle brand that innovates with naturally sourced materials to make better footwear and apparel products while staying green and treading lighter on our planet. It had a net loss of $21.5 million in the first six months of 2021, wider than the loss of $9.3 million posted in the year-earlier period. Revenue rose to $117.5 million from $92.8 million a year ago
From the company website the story of All Birds goes a little something like this
“A native of New Zealand, Tim Brown was always well versed in the magical qualities of merino wool. Inherently curious, he began asking himself why such a remarkable, sustainable resource was virtually absent in the footwear industry. And with that spirit of wonder, the Allbirds journey began.”
After years of researching and tinkering, Tim teamed up with Joey Zwillinger, an engineer and renewables expert. Together, they crafted a revolutionary wool fabric made specifically for footwear. The outcome? An entirely new category of shoes inspired by natural materials, and an ongoing mantra to create better things in a better way.
No date has been set yet and it’s presumed that the ipo is a little ways away from being traded publicly but one this is for certain the more stocks on the board the more potential income there is for the rest of us.