Allbirds aims to raise up to 269 million dollars in New York IPO

Sustainable footwear and apparel brand Allbirds aims to raise up to 269 million dollars in its upcoming IPO.

The San Francisco-based company said Tuesday it plans to sell 19.2 million shares of its Class A common stock at a price of between 12 dollars and 14 dollars per share.

The upper end of that range would give the brand a valuation of over 2 billion dollars.

Allbirds has applied to list on the Nasdaq Global Select Market under the ticker symbol “BIRD.”

The company has expanded quickly in recent years, driven by growing consumer and investor interest in eco-friendly fashion.

Allbirds is known for its use of regenerative natural materials including FSC-certified eucalyptus tree fibre and SweetFoam, a proprietary innovation made with sugarcane.

In February, the company revealed it had invested 2 million dollars in material innovation firm Natural Fiber Welding and its Mirum technology to create a new 100 percent natural plant-based leather.

In April, the brand released an open-source tool for fashion brands to calculate their carbon footprint.

Allbirds was launched in 2016 by former soccer player Tim Brown and industrial engineer Joey Zwillinger, initially as an e-tailer selling exclusively footwear but has since expanded into apparel.

Today, Allbirds serves 35 countries via 34 brick-and-mortar stores and an e-commerce site.