In San Francisco, sustainability-focused shoe brand Allbirds has filed for an initial public offering ahead of a large retail expansion.
The company, which is known for its trendy sneakers made of wool and other natural and recycled materials, has applied to list Class A common stock under the ticker BIRD on the Nasdaq.
The filing also indicated the company is in the red and does not expect to be profitable in the near future. In 2020, the company lost $25.9 million, widening its 2019 loss of $14.5 million. 2020 sales, however, grew 13.2% year-on-year, to $219.3 million, according to the SEC filing.
The filing also indicated the company plans to open more retail locations, growing from its current 27 stores to “hundreds of potential locations.”