-Eco-friendly sneaker maker Allbirds Inc fetched a valuation of $3.3 billion in its Nasdaq debut on Wednesday, after its shares opened 41% above their offer price.
Shares of the company opened at $21.21 each, compared with the initial public offering price of $15.
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 all seen strong market debuts in the United States this year as the IPO market continues on its bullish course.
The sneaker brand, which counts Oscar-winning actor Leonardo DiCaprio among its backers, sold about 20.2 million shares in its upsized offering, along with certain existing investors, to raise nearly $303 million.
Morgan Stanley, J.P. Morgan and BofA Securities are the lead underwriters for the offering.
(Reporting by Niket Nishant in Bengaluru; Editing by Krishna Chandra Eluri and Shailesh Kuber)
