Self-proclaimed ethical shoemaker Allbirds has set its sights on a $2.2 billion valuation for its initial public offering (IPO), according to a filing with the Securities and Exchange Commission (SEC) on Monday (Oct. 25).
Allbirds will offer 19.2 million shares between $12 and $14 each as part of its IPO, according to a CNBC report. The high end of that range would mean $269 million for the sustainable shoe brand, with its stock market unveiling likely to come on the Nasdaq exchange under the ticker symbol BIRD. There is no date set for Allbirds’ IPO.
Allbirds expected to see a net loss of between $15 million and $18 million in the quarter that ended Sept. 30, 2021, a significant jump from the $7 million the company lost one year earlier. The company’s revenue for the recently closed quarter is expected to be between $61 million and $62.5 million, up from $47.2 million in 2020.
Allbirds was most recently valued at $1 billion in a private funding round in September 2020.
After largely serving as an eCommerce platform since it was founded in 2015, Allbirds says it will add more brick-and-mortar locations in shopping malls and street fronts as part of what it calls the “early phase of a ramp-up toward hundreds of potential locations.”
The company’s wool sneakers and other eco-friendly goods were in 27 stores as of June 30.
Earlier this month, Allbirds stepped back from some of its pledges to launch a “sustainable initial public offering.”
The California-based company said in August that it would be adhering to the “sustainability principles and objectives (SPO) framework” developed with a consultancy group guided by academics, rating agencies and charities, according to the report.
But Allbirds has since scrapped the claim that the company is “conducting this offering while following the SPO framework” and eliminating a warning that this could inflate the cost of the IPO.