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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.
Allbirds said it expects higher expenses to drive up net losses to about $15 million to $18 million in the three months ended Sept. 30, compared to a loss of nearly $7 million a year earlier.
The wool footwear maker is among several companies that have tapped investor interest in sustainable or environmentally friendly goods. In May, Oprah Winfrey-backed vegan milk maker Oatly Group (NASDAQ:OTLY) AB and Jessica Alba’s consumer goods company Honest Co listed their shares.
Allbirds, which is also backed by Oscar-winning actor Leonardo DiCaprio, uses a plant-based alternative to leather for its shoes. It has also partnered with Adidas (OTC:ADDYY) to create a range of sustainable sneakers.
Morgan Stanley (NYSE:MS), J.P. Morgan and BofA Securities are the lead underwriters for the offering.
