Sard Verbinnen advises Allbirds on IPO

The eco-friendly footwear and apparel maker went public, listing on Nasdaq as “BIRD” on Wednesday.

Sard Verbinnen advises Allbirds on IPO

NEW YORK: Sard Verbinnen worked Allbirds’ communications for its initial public offering on the Nasdaq stock exchange on Wednesday. 

The New Zealand-born and San Francisco-based wool sneaker company priced its IPO of 20.1 million shares of class A common stock at $15 per share. At Wednesday’s listing on Nasdaq, the company was valued at approximately $1.4 billion. Allbirds’ strategy focuses on investors who support sustainability.

Allbirds uses naturally derived materials to manufacture its products. As a certified B corporation, the company is legally required to consider the impact of its decisions beyond shareholders and upon employees, customers, suppliers, communities and the environment. Allbirds sells to customers in 35 countries, through 35 stores and its website.

SVC principal Leah Polito and MDs Jenny Gore, Bob Rendine and Peter Siwinski led work on the account. 

Morgan Stanley, J.P. Morgan and BofA Securities were book-running managers. Co-managers included Baird, William Blair, Piper Sandler and Cowen. 

Last month, Sard Verbinnen confirmed its merger with Finsbury Glover Hering in a combination that valued the combined businesses at $917 million. The deal is expected to close imminently. 

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