Eco-friendly sneaker maker Allbirds raises over $300 million in U.S. IPO

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FILE PHOTO: A sign on the entrance to the Allbirds flagship store is seen in Manhattan, New York City

(Reuters) -Allbirds Inc said on Tuesday it raised more than $300 mln in its New York initial public offering (IPO) as the eco-friendly sneaker maker seeks to latch on to the growing demand and investor interest for sustainable products globally.

Allbirds joins a wave of apparel retailers – including medical scrubs maker FIGS Inc, eyewear company Warby Parker Inc and Roger Federer-backed shoemaker On Holding AG – which have seen strong debuts in the United States this year as the IPO market continues its bullish course.

Allbirds, backed by asset manager Franklin Templeton, said it priced its IPO of 20.2 mln shares at $15 a piece.

Last week, the company said it aimed to be valued at more than $2 billion in the IPO..

Shares of the San Francisco, California-based company are expected to begin trading on the Nasdaq on Nov. 3 under the ticker “BIRD”.

Morgan Stanley, J.P. Morgan and BofA Securities are the lead underwriters for the offering.

(Reporting by Aakriti Bhalla and Maria Ponnezhath in Bengaluru; Additional reporting by Niket Nishant; Editing by Sherry Jacob-Phillips)