Direct-to-consumer shoe company Allbirds’ stock closed at $28.64 on Wednesday, nearly 91 percent above its IPO price.
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The company raised around $303 million through its IPO after pricing its shares at $15 apiece. Allbirds set an IPO price range of between $12 and $14 per share, and the company’s stock opened Wednesday at $21.21, 41 percent above its IPO price.
As a private company, Allbirds raised more than $202 million from investors including Tiger Global Management and Lerer Hippeau. Most recently, it raised a $100 million Series E in September 2020.
Allbirds’ IPO comes as many other consumer-facing companies hit the public markets. Companies including eyeglass maker Warby Parker, clothing rental company Rent the Runway, and haircare brand Olaplex are among the consumer companies to go public in recent weeks.
Allbirds also leans into the sustainability angle that investors and consumers have embraced in recent years. The company is known for its eco-friendly shoes, which have become popular among consumers–especially those working in the tech industry (they’ve been called part of the “tech worker uniform”). Consumer companies like Rent the Runway and second-hand clothing marketplaces have also leaned into the sustainability factor that’s become more important to younger consumers.
Allbirds is trading on the Nasdaq under the ticker BIRD.
Illustration: Li-Anne Dias
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