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Allbirds Preps to Kick Off Public Debut With $2 Billion Valuation

Sustainable footwear maker Allbirds prices its IPO at between $12 and $14 a share, giving it a potential valuation of more than $2 billion.

Eco-friendly sneaker maker Allbirds  (BIRD) - Get Allbirds Report on Monday said it is looking at a valuation of more than $2 billion for its initial public offering on there Nasdaq stock market that is expected to net the company close to $270 million.

The San Francisco company, backed by asset manager Franklin Templeton, said it is offering 19.2 million shares priced between $12 and $14 each. At the top end of that range, the IPO would fetch about $269 million. The shares will trade on the Nasdaq under the ticker symbol BIRD.

Allbirds said in July that it would tap the public markets through what it described a "sustainable public equity offering" as an environmental, social and governance, or ESG, company.

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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.

Founded in 2015 and backed by Oscar-winning actor Leonardo DiCaprio, Allbirds uses wool, fiber derived from eucalyptus and other plant-based alternatives in its footwear. It has partnered with Adidas to create a range of sustainable sneakers, some of which have become immensely popular across Silicon Valley.

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.

Other startups that have recently tapped into investor interest for sustainable offerings are Oprah Winfrey-backed vegan milk maker Oatly Group  (OTLY) - Get Oatly Report and Jessica Alba's consumer goods company Honest  (HNST) - Get Honest Co. Report.