Allbirds has priced its planned public offering at a range of between $12 and $14, which would give it a valuation of more than $2 billion, in spite of continued losses. It plans to offer a total of 19.2 million shares to raise up to $269 million.
A Series E round of financing had reportedly given the B Corporation from California a valuation of around $1.7 billion in September 2020.
The five-year-old sustainable sneaker brand also indicated that it expects to report a 32 percent increase in sales to $62.5 million for the quarter ended Sept. 30, thanks to higher sales at its physical stores, which had grown to 27 as of June 20 from 21 in September 2020. More of them have been opened since. Because of higher expenses, Allbirds will post a loss of between $15 and $18 million for the third quarter, up from a loss of $7 million in the year-ago period.
For 2020, Allbirds has already reported a net loss of $25.86 million on revenues of $219.3 million, 80 percent of which came from the digital channel. The loss was attributed to high investments in staff, operations and digital advertising.
