Allbirds Inc (NASDAQ:BIRD), an eco-friendly footwear company, hit the ground running after its New York initial public offer, with its share price almost doubling on its first day of trading.
The San Fransisco company raised US$303mln in its IPO, selling shares at US$15, but closed the session at US$28.89.
Selling trainers and clothing made from materials such as discarded crab shells, wool, eucalyptus fibre, sugar cane since it was founded in 2016, Allbirds finished the day with a market valuation above US$4bn.
Allbirds, which was founded by Tim Brown, a New Zealander and former professional footballer, and chemical engineer Joey Zwillinger, says its shoes have a 30% lower carbon footprint than standard trainers.
It is inspiring to see @Allbirds support @WCKitchen in their efforts to use food to help heal and strengthen communities, and in becoming 100% carbon neutral. This is a great example of how we can protect the wellbeing of humans and the planet in tandem. pic.twitter.com/8SWn080Oyt
— Leonardo DiCaprio (@LeoDiCaprio) July 16, 2020
Prior to its IPO the company received investment from Hollywood star, or 'actor and environmentalist' as he calls himself, Leonardo Di Caprio, who is one of its many celebrity fans.
Allbirds sells online and operates 27 stores worldwide, including two in London, others in Amsterdam, Berlin and Paris, plus many dotted across the USA.
Having sold a million trainers in its first year, sales in 2019 and 2020 hit US$126mln and US$219mln respectively, with losses of US$14.5mln and US$25.9mln.