Eco-friendly sneaker maker Allbirds aims for $2 billion valuation in U.S. IPO

Eco-friendly sneaker maker Allbirds Inc said on Monday it aims to be valued at over $2 billion in its New York IPO.

The company, backed by asset manager Franklin Templeton, said it is offering 19.2 million shares priced between $12 and $14 each, along with the selling stockholders.

At the top end of that range, the IPO would fetch about $269 million.

Founded in 2015, Allbirds is also backed by Oscar-winning actor Leonardo DiCaprio and uses wool, fiber derived from eucalyptus and other plant-based alternatives in its products.

Allbirds has partnered with Adidas to create a range of sustainable sneakers, some of which have become immensely popular across Silicon Valley where the company is headquartered.

Numerous celebrities, top business executives and high-profile personalities such as Barack Obama, Ashton Kutcher and Google co-founder Larry Page have been spotted wearing Allbirds sneakers in recent years.

In its latest filing, Allbirds said it expects net revenue to grow up to 32% to $62.5 million for the three months ended Sept. 30, due to higher sales at its physical stores.

However, higher expenses are expected to drive up net losses to about $15 million to $18 million in the quarter, from nearly $7 million a year earlier.

Morgan Stanley, J.P. Morgan and BofA Securities are the lead underwriters for the offering.

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