Allbirds eyes £1.45bn IPO valuation
Sustainable footwear brand Allbirds has reportedly targeted a $2bn (£1.45bn) valuation, ahead of its potential debut on Wall Street.
Allbirds has aimed to secure an IPO valuation of between $1.7bn (£1.23bn) and $2bn (£1.45bn) — which could increase further if underwriters decide to purchase more shares.
Allbirds was founded in 2015 by co-Chief Executive Officers Joseph Zwillinger and Timothy Brown, a former New Zealand soccer player. The duo researched and toyed with the properties of merino wool to craft a fabric made specifically for footwear. The company also uses fiber derived from eucalyptus and other plant-based alternatives in its products.
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