Shares of the San Francisco company at last check surged 62% to $25.30. They've traded on Wednesday at as much as $26.30, up 75%.
AllBirds bumped up an initial public offering and priced its shares above its marketed range to raise $303 million.
The company on Tuesday said it raised the funds after pricing its IPO above the high end of estimates. It priced 20.2 million shares at $15 apiece, after marketing 19.2 million shares priced between $12 and $14.
Of the total, 16.3 million were sold by Allbirds and 3.8 million by certain current stockholders.
The underwriters also have an option to buy as many as 504,645 more shares from Allbirds and as many as 2.5 million more shares from current holders.
The San Francisco company, backed by asset manager Franklin Templeton, started trading on the Nasdaq Wednesday under the ticker symbol BIRD.
Founded in 2015, Allbirds said it would tap the public markets through what it described a "sustainable public equity offering" as an environmental, social and governance, or ESG, company.
The company’s pitch to shoe-buyers emphasizes the sustainable, natural materials used in its footwear, including eucalyptus fiber, castor bean oil and crab shells, as well as wool.
Using "naturally derived materials serves as a competitive advantage, as we create premium products that are sustainable and that we believe are better than synthetic alternatives across comfort, style, and performance," the company said in a Securities and Exchange Commission filing.
For the first half of 2021, the company's net loss widened to $21.1 million from $9.5 million. Revenue advanced 27% to $117.5 million from $92.8 million.