- Sustainable sneaker company Allbirds took its first steps to go public on Tuesday with its S-1 filing.
- Allbirds detailed its commitment to sustainability and revealed financial results in the filing.
- The company was targeting a valuation of at least $2 billion in June, according to Bloomberg.
- Sign up here for our daily newsletter, 10 Things Before the Opening Bell.
Allbirds, the direct-to-consumer sneaker company focused on sustainability, made the first steps necessary to go public on Tuesday with its S-1 filing submission to the SEC.
Allbirds detailed in the S-1 filing its plans to pioneer a “sustainable public equity offering,” which is “an expression of our belief and commitment that our environmental credentials are not in conflict with phenomenal financial outcomes.”
The company said in its filing that it is committed to establishing “rigorous, objective, and clearly defined ESG criteria, and holding ourselves accountable to meeting those criteria.” The criteria established by the company is meant to be assessed by a third party and provides an easily replicated framework that other companies can use in their own IPOs, the filing said.
Allbirds also said in the filing that it hopes to “reward investors with eye-popping returns over the long-term,” adding that it will “work our tails off to do just that.”
But Allbirds will likely need to turn profitable to delight investors, which it has yet to do. According to the S-1 filing, Allbirds’ net loss was $14.5 million in 2019, which ballooned to $25.9 million in 2020 amid the COVID-19 pandemic.
Despite the accelerated losses, revenue is on the rise at Allbirds, jumping to $219.3 million in 2020 from $193.7 million in 2019. In the first six months of 2021, Allbirds recorded $117.5 billion.
While Allbirds operates 27 physical stores, 89% of the company’s revenue came from online. The company ultimately expects to grow its store count to “hundreds,” according to the filing.
Allbirds plans to trade under the ticker symbol “BIRD” and list its shares on the Nasdaq.
Business News Governmental News Finance News
Need Your Help Today. Your $1 can change life.