Since its founding in 2014, sustainable footwear brand Allbirds has amassed a legion of both cult and new followers in love with lightweight, minimalistic footwear. Seven years later, the brand is set to go public with a target valuation of $2.2 billion.
In their recent regulatory filing, the New Zealand-American brand has prepared an offering of 19.2 million shares valued between $12 to $14 each. At the highest price, their entrance into their capital markets could result in over $269 million raised. Thus far, the brand has yet to churn a profitable year as expenses climb higher.
Allbirds made a dramatic entrance into the sneaker realm with their wool sneakers and other sustainable footwear options. Earlier this year, they collaborated with juggernaut sneaker player adidas on an eco-friendly offering. As they look to continue expanding their product mix, while also arriving at more shopping malls and store fronts, the company has slated intentions for massive growth.
As more information about the IPO arises, be sure to keep it locked to Nice Kicks for all of your sneaker stories.