Allbirds is finally making its market debut.
The sustainable sneaker brand on Tuesday sold 20,192,307 shares of its Class A common stock at $15 per share, raising more than $300 million ahead of its market debut on Wednesday. This beat initial expectations outlined last week to raise $269 million for an IPO, with 19.2 million shares priced between $12 and $14. At the time, Allbirds was targeting up to a $2.2 billion valuation.
The brand began trading today under the Nasdaq Global Select Market under the symbol BIRD. The stock was soaring above 60% in the first few hours of trading.
Allbirds is among multiple shoe brands and retail companies that have gone public this year. In August, athletic brand On filed for an IPO — the same month as Allbirds — and made its market debut in September. Authentic Brands Group, which owns various footwear brands including Nine West, Frye, Eddie Bauer, Tretorn and more, filed for an IPO in July — as did plus-size retailer Torrid, which also has a footwear line.
When it initially filed for its IPO, Allbirds said it wanted to lead the way for a “Sustainable Public Equity Offering, or SPO,” which works with third-party organizations to make sure companies have well-defined environmental and social goals as they go public. In an Oct. 4 update to the original document, Allbirds amended this guideline to be called the “SPO framework” and eliminated almost half of the references to it in the filing.
According to financial disclosures, Allbirds has seen its net revenue increase from $126 million in 2018 to $219.3 million in 2020. However, the company also revealed a net loss of $25.9 million in 2020.
Allbirds declined to comment on sales of its shares ahead of the IPO today.
The footwear company was founded in 2015 with a goal to create shoes and apparel that are better for the planet. The eco-friendly brand has become notable in recent years for its focus using sustainably sourced materials, such as tree fiber, sugarcane and crab shells. Allbirds launched its sustainable activewear collection in September, and last month it unveiled its first off-road shoe, the Trail Runner SWT, featuring FSC-certified natural rubber outsoles and SweetFoam midsoles made from sugarcane.