Direct-to-consumer shoe firm Allbirds’ inventory popped 41 p.c on its first day of buying and selling.
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The firm raised round $303 million via its IPO after pricing its shares at $15 apiece. Allbirds set an IPO value vary of between $12 and $14 per share.
As a non-public firm, Allbirds raised greater than $202 million from traders together with Tiger Global Management and Lerer Hippeau. Most not too long ago, it raised a $100 million Series E in September 2020.
Allbirds’ IPO comes as many different consumer-facing corporations hit the general public markets. Companies together with eyeglass maker Warby Parker, clothes rental firm Rent the Runway, and haircare model Olaplex are among the many client corporations to go public in latest weeks.
Allbirds additionally leans into the sustainability angle that traders and customers have embraced in recent times. The firm is understood for its eco-friendly sneakers, which have turn into widespread amongst customers–particularly these working within the tech business (they’ve been known as a part of the “tech employee uniform”). Consumer corporations like Rent the Runway and second-hand clothes marketplaces have additionally leaned into the sustainability issue that’s turn into extra necessary to youthful customers.
Allbirds is buying and selling on the Nasdaq underneath the ticker BIRD.
Illustration: Li-Anne Dias
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