7 Things to Know About Allbirds' (BIRD) Upcoming $2 Billion IPO
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Footwear maker Allbirds (NASDAQ: BIRD) is set to launch its U.S. IPO next week. The IPO will be available on the Robinhood IPO Access platform, as well as other brokerages.
1. Allbirds IPO Timing: Allbirds is expected to have its IPO on Wednesday, November 3rd. The shares will trade on the NASDAQ under the ticker 'BIRD'. Normally IPOs on the NASDAQ began trading between 10AM-2PM ET.
2. Allbirds IPO Price: Allbirds anticipates the initial public offering price to be between $12-$14 per share.
3. Shares offered: A total of 19,230,768 shares are being offered, with the company offering 15,384,615 shares and the selling stockholders offering 3,846,153 shares. 143,119,814 total Class A and Class B shares will be outstanding following the offering.
4. Allbirds IPO Valuation: The valuation is seen between $1.72-$2 billion.
5. Allbirds IPO Underwriters: Morgan Stanley, JP Morgan, and BofA Securities are leading the offering.
6. Important Allbirds Financials: Grew net revenue from $126.0 million in 2018 to $219.3 million in 2020, representing a compound annual growth rate, or CAGR, of 31.9%.
7. Allbirds Total Addressable Market (TAM): In 2020, consumers worldwide spent an estimated $1.8 trillion on footwear and apparel, comprised of approximately $1.5 trillion on apparel and a projected $366 billion on footwear, with the U.S. portion of this total spend reaching approximately $342 billion, based on data from Statista. In 2018, the average American consumer spent more than $1,100 on footwear and apparel and bought approximately seven pairs of shoes and 68 pieces of clothing, according to the American Apparel and Footwear Association.
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