Sneaker maker Allbirds Inc. fetched a valuation of $3.3 billion in its Nasdaq debut on Wednesday after its shares opened 41 percent above their offer price, joining a clutch of retailers that had strong market debuts in recent months.
Allbirds uses wool and other plant-based alternatives in its products.
“We believe that there’s an opportunity to unlock growth and financial opportunity for a business by also having very good impact on the environment,” said Joseph Zwillinger, Co-Chief Executive Officer of Allbirds.
Shares of the company opened at $21.21 each, compared with the IPO price of $15. It sold about 20.2 million shares in its upsized offering, along with certain existing investors, to raise nearly $303 million.
Other retailers like medical scrubs maker FIGS Inc. and eyewear company Warby Parker Inc. have also seen strong market debuts in the United States this year as the IPO market continues on its bullish course.
Morgan Stanley, J.P. Morgan, and BofA Securities are the lead underwriters.
