Sustainable-footwear maker Allbirds (BIRD) - Get Free Report on Tuesday filed to go public through an initial public offering, saying it hoped to help "pioneer a framework" that other environmentally and socially responsible companies can follow to make their Wall Street debuts.
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.
For a public equity offering to be designated as an sustainable public offering, a company must meet certain criteria, such as a minimum ESG rating and best practices on climate response, among others, Reuters reported.
Allbirds said it aimed to "reverse climate change" through better business by empowering people to make better, more conscious decisions for themselves as well as the planet.
"Designing and creating innovative, sustainable materials is a challenging process for both our internal R&D teams as well as our supply chain partners," the company said in its S-1 filing with the U.S. Securities and Exchange Commission.
"We have invested time and resources to train our manufacturers to use our natural materials, which we believe makes it difficult to replicate our novel manufacturing processes at our product quality."
The company didn't say how much it wanted to raise in the offering. But it said it would use the funds from the offering for general purposes, including working capital, operating expenses and capital spending.
"We may also use a portion of the net proceeds to acquire or invest in complementary businesses, products, services, or technologies," it said.
For the first half of 2021, Allbirds posted a net loss of $21.1 million, wider than the loss of $9.5 million in the year-earlier period. Revenue reached $117.5 million, up 27% from $92.8 million.
"Money is pouring into stocks that get good grades on issues like building a diverse workforce and reducing carbon emissions," The Wall Street Journal reported in June.