Allbirds Amends IPO Filing, Further Defines Sustainability Ambitions

When it filed for an IPO in late August, Allbirds outlined an ambitious new structure for a sustainability-focused process for going public. Now, it appears the footwear maker has taken a step back from some of these plans, according to updated filing documents. In its late August filing, Allbirds said it wanted to lead the way for a “Sustainable Public Equity Offering, or SPO,” which works with third-party organizations to make sure companies have well-defined environmental and social goals as they go public. At the time, Allbirds said a framework like this would help “prioritize positive outcomes” for stockholders as well as stakeholders such as “employees, customers, the community and the environment.” In an Oct. 4 update to the original document, Allbirds amended this guideline to be called the “SPO framework” and eliminated almost half of the references to it in the filing. Allbirds also removed a warning that this framework might increase the cost of the IPO. Allbirds declined to comment. Across the board, a focus on environmental, social and governance (ESG) is becoming more important for companies from an investor perspective. In its S-1 filing with the SEC on Monday, Rent the Runway noted its crucial role in “the circular economy” and the importance

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