On Tuesday, Allbirds shares sold for 15 dollars a pop, assigning a value of 2.1 billion dollars to the company. Shares were originally marketing in a range of 12 dollars to 14 dollars, but an enthusiastic response helped them beat expectations.
Shares were trading at 24 dollars at one point briefly giving Allbirds a market cap of 4 billion dollars.
Allbirds popularity with both consumers and investors is their commitment to sustainability. The company adheres to very specific environmental, social and governance (ESG) standards. In the filing their ESG standards were listed as, “a minimum ESG rating, a stakeholder-centric mission and purpose, best practices on climate responses, value chain, people management, and corporate governance, transparent reporting of ESG practices and matters, and commitments to make meaningful progress on important ESG matters.”
Allbirds shares surge following IPO
Allbirds has been sustainable since its inception creating shoes from carbon-neutral materials. This made it a company to watch for investors.
In September 2020 they raised 100 million dollars, putting their value at 1.6 billion dollars. Despite their growth, the company has yet to turn a profit.Allbirds was launched in 2016 by former soccer player Tim Brown and industrial engineer Joey Zwillinger, initially as an e-tailer selling exclusively footwear but has since expanded into apparel. Today, Allbirds serves 35 countries via 34 brick-and-mortar stores and an e-commerce site.