Allbirds, the renowned New Zealand-American apparel and footwear brand, has finally filed for an initial public offering (IPO) with the Securities and Exchange Commission (SEC).
Lately, there were lots of talks of the retailer going public, but it is now official. However, Allbirds hasn’t revealed anything regarding the number of shares it would offer.
The retailer has also not disclosed details about the potential share price.
Notably, the apparel and footwear retailer will be, reportedly, listing its stock on the Nasdaq Stock Market under the ticker ‘Bird’.
The retailer has plans to enhance its growth strategy that includes strengthening its apparel and footwear assortment. The aim is to add more casual, outdoor and performance offerings in addition to increasing its fleet of stores.
Here it is important to mention that the retailer also revealed net losses leading to IPO.
While Allbirds saw its revenue jump from US $ 194 million in 2019 to US $ 219 million in 2020, the net losses too rose from US $ 14.5 million in 2019 to US $ 25.9 million in 2020.
It’s been no different in 2021, with the first 6 months reporting a net loss of US $ 21 million.
In its filing with the SEC, the retailer described its IPO as ‘the first sustainable public equity offering’, and added that its footwear averages 30 per cent less carbon footprint than a standard pair of sneakers.
Allbirds designs and sells apparels and footwear, and generated US $ 100.2 million in 2019. It currently has retail stores in many countries including the US, New Zealand and China.