Sustainable shoe manufacturer Allbirds is gearing up for an initial public offering to list on Wall Street, according to a report in CNBC.
The business is hoping to cash in on increasing demand for its product line, which recently expanded to include activewear, though noted it has suffered years of losses as it ramped up.
The hopes are that it can convince investors it has a burgeoning business with a loyal, up-and-coming consumer base, made up primarily of younger customers, and that they won’t be scared away by the business’ ongoing losses.
Allbirds has reportedly applied to list Class A common stock on the Nasdaq exchange under the ticker BIRD.
According to the report in CNBC, Allbirds aims to take marketshare away from footwear giants such as Nike and Adidas, and that it is in the early phase of “a ramp up towards hundreds of potential [bricks-and-mortar] locations”.
Allbirds has been contacted for comment.