Allbirds surges 90% on IPO day

Allbirds (BIRD), the sustainable footwear brand, surged 90% on its IPO day, closing at $28.64 per share on Wednesday. The stock had opened at $21.21 per share, well above its $15 initial public offering price.

Allbirds calls itself a global lifestyle brand "that innovates with naturally derived materials to make better footwear and apparel products in a better way." The San Francisco-based company says its footwear has a 30% lower carbon footprint than standard sneakers.

People shop at Allbirds store, a maker of sustainable shoes, in lower Manhattan on August 31, 2021 in New York City. (Photo by Spencer Platt/Getty Images)

Since it was founded in 2015, the company has sold more than 8 million pairs of shoes to over 4 million customers globally, according to itsS-1 filing.

Allbirds markets directly to consumers digitally and through the 27 physical stores it has as of June 30, 2021.

Last year, 89% of sales came through the company's digital channels. Stores accounted for the other 11% of sales.

The company's net revenue grew from $126 million in 2018 to $219.3 million in 2020. It generated an adjusted EBITDA loss of $15.4 million in 2020, up from a loss of $1.3 million in 2019.

Allbirds offered 20.2 million shares in its IPO, raising more than $300 million.