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Allbirds files for IPO, may become first ‘Sustainable Public Equity Offering’

YarnsandFibers News Bureau 2021-09-03 09:24:58 – USA

Sustainable footwear and apparel company, Allbirds Inc. announces its plan to float through a "sustainable" initial public offering. The deal's name obligates the firm to follow specific environmental, social, and governance (ESG) guidelines, making this the first of its type initial public offering (IPO) of shares.

According to a regulatory filing, the Californian shoemaker is listing its shares in a method that keeps them responsible, including maintaining a minimum ESG rating, adopting “best practices” on climate change, and making “commitments to achieve substantial progress on critical ESG matters.

The company’s leadership in the filing said that they aim to contribute to the development of a framework that allows firms to execute what they call a sustainable public equity offering. In their hope is that Allbirds' initial public offering will establish the framework that may be used by other firms for future SPOs.

Allbirds shoes are manufactured from natural materials, and the firm claims that its supply chain has been carbon neutral since 2019. They estimated that a normal pair of shoes has a carbon footprint of 14.1 kg CO2e. The average pair of Allbirds shoes now has a carbon footprint that is 30% lower than their estimated carbon footprint for a standard pair of sneakers, because of their use of renewable, natural materials and responsible manufacturing, and they offset the rest to provide its customers with carbon-neutral products.

Allbirds cites their cooperation with Adidas to release the world's lowest carbon footprint running shoe with a carbon footprint of 2.94kg of CO2e in May 2021 as a reason for launching this "pioneering public sustainable equity offering. Their ability to scale their impact to the broader industry and beyond, as well as their decision to open up the carbon-negative, green EVA used to make SweetFoam and their carbon footprint methodology demonstrates their ability to scale their impact to the broader industry and beyond while extending the brand's leadership as a sustainability innovator.

In its filing, the firm emphasized its ESG credentials, stating that environmental impact and brand trust were becoming more critical criteria for its target purchasers, Generation Z, and millennials.

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