Allbirds, the eco-friendly shoe brand, is looking to raise $269 million in its IPO, offering 15.4 million shares at $12 to $14 each — with existing stakeholders selling another 3.85 million shares.
With that many outstanding shares, the company could reach a market value of more than $2 billion, up from the $1.7 billion valuation it received following a $100 million funding round in September 2020.
Despite a 27% increase in revenue to $118 million during the first six months of 2021, the filing comes during a turbulent period for Allbirds.
- For the six-month stretch that ended June 30, Allbirds reported a loss of $21 million, compared to $9.5 million during the same period a year prior.
- On Monday, it said it expects to record a net loss of between $15 million and $18 million in the third quarter.
- In August, the company estimated it would be unprofitable for the foreseeable future.
The company announced its own activewear line in August and is slated to sell a shoe in partnership with Adidas next year.
Allbirds hasn’t set an IPO date yet.