(Bloomberg) — Allbirds Inc., the wool trainers favored by technology workers, has tapped banks including Morgan Stanley for its initial public offering, according to people with knowledge of the matter.
The direct-to-consumer shoe brand has confidentially submitted its listing documents to the U.S. Securities and Exchange Commission and is seeking to go public as soon as September, the people said, asking not to be identified discussing private information.
Allbirds is also working with JPMorgan Chase & Co. and Bank of America Corp., the people said. The company is seeking to be valued at $2 billion or more in the listing, they said.
The San Francisco-based company’s plans including the timing could still change, according to the people.
Representatives for Allbirds, Morgan Stanley, JPMorgan and Bank of America declined to comment. Women’s Wear Daily earlier reported the confidential filing.
Consumer brands are tapping the IPO market as the U.S. emerges from the Covid crisis and shopping rebounds.
On Running, a high-end sport shoes brand backed by tennis star Roger Federer, is also considering a U.S. IPO at a valuation of about $5 billion.
Allbirds raised $100 million in a Series E round in September from large investment firms such as Franklin Templeton and T. Rowe Price. According to data provider PitchBook, the company’s value edged down to an estimated $1.7 billion from $1.73 billion in January 2020.
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