UPDATE 1-Footwear maker Allbirds targets over $ 2 billion valuation when it IPO in the United States

(Addition of proposed actions, other details)

Oct. 25 (Reuters) – Sustainable shoe maker Allbirds Inc said on Monday it was aiming for a fully diluted valuation of up to $ 2.2 billion when it went public in the United States.

The company, backed by asset manager Franklin Templeton, said it was offering 19.2 million shares at a price of between $ 12 and $ 14 each, along with selling shareholders. At the top of that range, the IPO would hit around $ 269 million.

Allbirds said it expects higher spending to push net losses to around $ 15 million to $ 18 million in the quarter ended Sept. 30, from a loss of nearly $ 7 million a year earlier.

The wool shoe maker is one of several companies that have tapped investor interest in sustainable or environmentally friendly products. In May, Oprah Winfrey-backed vegan milk maker Oatly Group AB and Honest Co, Jessica Alba’s consumer goods company, listed their shares.

Allbirds, who is also backed by Oscar-winning actor Leonardo DiCaprio, uses a plant-based alternative to leather for their shoes. She has also partnered with Adidas to create a line of sustainable sneakers.

Morgan Stanley, JP Morgan and BofA Securities are the main underwriters of the offer. (Reporting by Niket Nishant in Bangalore; Editing by Ramakrishnan M.)


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