Update: As Allbirds Moves Closer to IPO, the Rewards — and Risks — of Going Public

Updated, June 28: After WWD reported last week that Allbirds had confidentially filed for an IPO, citing financial and industry sources, Bloomberg said on Sunday that the company has tapped Morgan Stanley for the IPO, which could value the company at $2 billion. Allbirds did not return emails seeking comment. What We Previously Reported: In April, The New York Times and other sources suggested that the Silicon Valley darling was headed for a debut on Wall Street. At the time, Allbirds’ website, plus other job sites, showed that it was hiring for an “SEC Reporting and Technical Accounting Manager,” who would “lead the charge on our SEC filings” and possess “IPO experience, including knowledge of the S-1 filing process.” Such steps have fueled discussions among market watchers about the San Francisco-based company’s potential bid to go public at a booming time for the stock market — which is being propelled by a massive fiscal stimulus and ramped-up vaccinations that herald a rebound for the United States economy. “The U.S. stock market is at an all-time high,” said Jay Ritter, a University of Florida finance professor who studies IPOs. “Many direct-to-consumer companies have seen sales boom recently, and companies with good products at affordable prices will benefit

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