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Allbirds eyes $2 billion IPO valuation

Tom Shearsmith
26 October 2021

Sustainable footwear and apparel brand Allbirds is targeting a valuation of almost $2 billion in its initial public offering, according to details in a regulatory filing.

The company is aiming to secure an IPO of between $1.7 billion (£1.2 billion) and $2 billion (£1.5 billion). Allbirds confirmed it is offering 19.2 million shares in the IPO, priced between $12 and $14. At the high end of that range, Allbirds would bring in approximately $268.8 million in its market debut.

Since the business was founded in in 2015, Allbirds has sold more than eight million pairs of shoes to over four million customers globally, including 3.3 million customers in the United States.

Allbirds net revenue grew from $126.0 million in 2018 to $219.3 million in 2020, representing a compound annual growth rate of 31.9%. Digital revenue grew from $113.2 million in 2018 to $194.6 million in 2020.

The sustainable brand also increased its store footprint from three in 2018 to 22 in 2020, including a new store in London.

Last September, it was announced that Allbirds had raised $100m in a funding round led by asset management firm Franklin Templeton, T. Rowe Price (a major investor in ASOS and Boohoo), Baillie Gifford, TDM Growth Partners, Rockefeller Capital Management, as well as additional new and returning investors. Hollywood star Leonardo di Caprio is also an investor.

At the time the company said it would use the investment to expands its bricks and mortar presence and to extend its product line.

Hana Kajimura, Sustainability Lead at Allbirds recently spoke to on the In Conversation podcast, sponsored by Klarna.

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