Allbirds Aims for a $2 Billion Valuation Upon IPO
Oct 25, 2021 By MarketDepth
Allbirds, which is set to become a publicly traded company, is aiming for a valuation of up to USD2 Billion. In a statement with the Securities and Exchange Commission Monday, the company said it will be offering 19.2 Million shares and set the offerings target price at USD12 to USD14 a share.The company will be listed on the New York Stock Exchange under the ticker symbol “BIRD.”
“The principal purposes of this offering are to increase our capitalization and financial flexibility and create a public market for our Class A common stock. We cannot specify with certainty all of the particular uses for the net proceeds we receive from this offering. However, we currently intend to use the net proceeds we receive from this offering for general corporate purposes.”Statement From The Company
The sustainable footwear and apparel company revealed that losses had piled on within the latest quarter amid increasing expenses. Allbirds expects a net loss between USD15 Million and USD18 Million in the three-month period ended September 30, in comparison to the USD7 Million loss it experienced the previous year.
Revenue up $14 Million
Allbirds expects revenue for the quarter ended September 30 to range from USD61 Million and USD62.5 Million, in comparison to the USD47.2 Million the prior year. As consumers return to shopping at its brick-and-mortar retail locations, the company says average order values are rising. Furthermore the company seeks to expand into shopping malls and street fronts in the future, as a means of “early phase of a ramp towards hundreds of potential locations.”
“While many businesses see tension between profit and purpose, we see opportunity. The more sustainable we are, the better we believe our products and business will be. We are proud of the alignment of financial and environmental benefits from our work, and that we are able to serve as a driving force in a new age of sustainable enterprise.”Statement From The Company