Shoe maker Allbirds is hoping to attract investors who favour companies that put an emphasis on sustainability as it launches its initial public offering.
The company, known for its eco-friendly wool sneakers and slip-ons, is expected to begin trading Wednesday on the NASDAQ exchange under the ticker symbol "BIRD."
"We did get exposure to a lot more pockets of capital as a result of the fact that people saw the genuine and authentic leadership that we’re putting forward on ESG," co-founder and co-CEO Joey Zwillinger told the media.
"I think why the demand was so great ... investors were really attracted by the opportunity to put their capital against great opportunity to create outcomes that were better for the planet."
On Tuesday, Allbirds said it raised more than $300 million after pricing on the high end of its IPO. It priced 20.2 million shares at $15 a piece, after marketing 19.2 million shares priced between $12 and $14.
The listing follows the public debut of eyeglasses maker Warby Parker, the IPO of outdoor goods seller Solo Brands and that of fashion rental platform Rent the Runway. It adds to the wave of trendy, venture-backed retailers testing investors’ appetite on Wall Street.
When asked what would be a fair comparable for Allbirds’ business, Zwillinger said it’s a mix between traditional retailers with lots of stores and internet savvy brands. Allbirds counted just 27 brick-and-mortar locations as of the summer, but it’s planning to ramp up that number by the hundreds.
