On November 3, allbirds, an innovative shoe brand in San Francisco, was officially listed on the NASDAQ in the United States, with the stock code "bird".
On the first day of trading, Allbirds opened up 41% to $21.21 per share, closing at $28.89 per share, up 92.6 percent, and currently has a market capitalization of about $4.135 billion. The documents show that allbirds' largest investors include affiliates of U.S. venture capital firm Maveron, U.S. investment firm Tiger Global, T.Rowe Price, Fidelity and early-stage venture capital fund Leer Hippeau Ventures.
On November 2, allbirds announced an expansion of the initial public offering (IPO) and a pricing increase from the original guidance range ($12 to $14 per share) to $15 per share, and allbirds and its existing shareholders sold a total of approximately 20.2 million shares, for a total of $303 million. According to previous documents filed with the SEC, allbirds sold 19.25 million shares, including 15.4 million new shares issued and 3.85 million old shares sold by existing shareholders. (For details, see the historical report of "Magnificent Chronicles":)
Allbirds was founded in 2016, its first product wool runners are wool casual shoes made of natural merino wool, with a soft texture, comfortable and lightweight, no need to wear socks, machine washable and other characteristics, set off a boom in the Silicon Valley elite, many celebrities, top business executives have been seen wearing allbirds sneakers, such as former US President Barack Obama, Hollywood star/investor Ashton Kutcher , Google co-founder Larry Page, among others. Early investors in allbirds also included Oscar-winning Leonardo DiCaprio.
"Sustainable" is allbirds' brand DNA, which has developed more natural materials (such as eucalyptus fiber and other plant-based materials) in addition to merino wool to replace the petroleum-based materials commonly used in traditional footwear. Allbirds was certified as a Common Benefits Enterprise (b corp.) in 2016. In May, allbirds also partnered with adidas to develop a fully recyclable sneaker with a carbon footprint of just 2.94kg per pair.
For allbirds' brand history and performance data, see the recent in-depth report of "Magnificent":
At present, in addition to the wool sneakers favored by eco-friendly shoppers, allbirds has also expanded the category to clothing. For the six months ended June 30, 2021, allbirds net sales revenue increased 27% year-over-year to $118 million, but net loss also widened from $9.5 million to $21 million. Joseph Zwillinger, co-CEO of allbirds, said: "We believe that by having a good impact on the environment, there is an opportunity to unlock growth and financial opportunities for businesses. ”
By going public, allbirds has launched a new generation of sustainable business models, the sustainability principles and objectives framework. Allbirds has teamed up with a team of experts from global financial, sustainability and social impact to develop this new sustainable business model to achieve a win-win situation for the environment and the business.
Suz Mac Cormac, a partner at Morrison & Foerster LLP, a member of the committee that designed the framework, said: "Focusing on the ESG factors (environmental, social and corporate governance) that are critical to business and operations will help allbirds gain a competitive edge in competing for capital, clients and talent. ”
Before allbirds, there were several other well-known up-and-coming fashion consumer brands that completed their IPOs, including the Swiss sports brand on, which was invested by tennis king Roger Federer. In September, on was listed on the New York Stock Exchange, raising $746.4 million at a valuation of $6.5 billion. As of the close of trading on November 4, on's market capitalization has reached $11.902 billion. (For details, see the historical report of "Magnificent Chronicles":)
In addition, in September this year, warby parker, the originator of the American DTC brand and an innovative eyewear brand, was listed on the New York Stock Exchange. On the first day of listing, Warby Parker opened at $54.05 per share, more than 30% higher than the previous listing reference price ($40 per share) previously given by the New York Stock Exchange and closed at $54.49 per share, bringing its market capitalization to about $6.1 billion. As of the close of trading on November 4, Warby Parker had a market capitalization of $5.48 billion. (For details, see the historical report of "Magnificent Chronicles":)