Shoemaker Allbirds reportedly in talks with banks for IPO as public market heats up

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A girl walks previous an Allbirds retailer within the Georgetown neighborhood of Washington, D.C., on Tuesday, Feb. 16, 2021.

Al Drago | Bloomberg | Getty Photographs

The fashionable shoe model Allbirds is within the means of interviewing banks in preparation for an preliminary public providing, in response to a report in the New York Times DealBook.

The direct-to-consumer firm was last valued at roughly $1.7 billion.

A consultant from Allbirds didn’t instantly reply to CNBC’s request for remark.

It is not clear when Allbirds plans to go public, however an IPO would launch it into an already sizzling market, fueled by a current slew of tech IPOs. Client-facing manufacturers comparable to Jessica Alba’s Honest Company at the moment are readying a debut. The eyeglass retailer Warby Parker and Panera’s guardian firm JAB Holdings are additionally reportedly trying to go public amid mounting investor enthusiasm post-pandemic for retail and restaurant manufacturers.

Through the well being disaster, Allbirds has seen momentum for its merchandise — together with its iconic slip-on sneaker made out of wool and different sustainable supplies — continue to grow. The model began with a cult-like following in Silicon Valley, which shortly unfold to world recognition.

It has 23 shops right this moment, in response to its web site, together with places in London, Berlin, Shanghai and Tokyo.

Final 12 months, Allbirds launched its first running shoe, placing it up in opposition to larger rivals together with Nike and Adidas. It additionally has began selling various clothing, together with socks, sweaters and jackets.

“A giant focus for us is to try to make higher merchandise with much less environmental influence,” Allbirds co-founder Tim Brown advised CNBC in a current interview. “The enterprise has been terribly resilient by a troublesome time period.”

Allbirds has raised greater than $200 million to this point, in response to Crunchbase.