A second New Zealand founded company is headed for a US stock exchange listing in as many weeks.
Allbirds shoes. File image. Photo: Supplied
Allbirds, the maker of wool casual shoes, has filed the paperwork ahead of a listing on technology dominated Nasdaq exchange.
The company was founded by former All Whites and Phoenix footballer Tim Brown and makes shoes from merino wool, plant based products, and recycled materials. The San Francisco based companyhas 27 stores around the world, mostly in the US but also one in Auckland.
Allbirds has not specified how much it wants to raise in the initial public offer.
"We currently intend to use the net proceeds we receive from this offering for general corporate purposes... We may also use a portion of the net proceeds to acquire or invest in complementary businesses, products, services, or technologies," it said in its filing.
It has been valued at around $NZ2.4 billion.
It disclosed increased revenue of about $NZ312 million last year, most from online sales, although its loss also increased to $NZ37m, and it said it expected to make losses for "the foreseeable future."
The company has made much of its sustainable manufacturing and lower carbon footprint, and it gained considerable exposure from being bought by high profile sports people, ex-President Obama, celebrities such as Leonardo de Caprio, and Silicon Valley entrepreneurs.
Brown founded the company in 2016 in partnership with a US technology entrepreneur and got backing from the New Zealand wool industry through a grant.
It has recently branched out into sports clothing with leggings, tops and T-shirts made from merino wool and eucalyptus fibre.
Allbirds is the second New Zealand founded company to head to a US stock exchange, after Rocket Lab debuted on the Nasdaq last week.
