Latham & Watkins Advises on Allbirds’ IPO

Allbirds, Inc., a global lifestyle brand that innovates with naturally derived materials to make better footwear and apparel products in a better way, has announced the pricing of its initial public offering of 20,192,307 shares of its Class A common stock at a price to the public of US$15 per share. 16,346,154 shares were sold by Allbirds and 3,846,153 shares were sold by certain of Allbirds’ existing stockholders. The underwriters have a 30-day option to purchase up to an additional 504,645 shares of Class A common stock from Allbirds and up to an additional 2,524,200 shares of Class A common stock from certain of Allbirds’ existing stockholders at the initial public offering price, less underwriting discounts and commissions. Allbirds will not receive any proceeds from the sale of the shares by the existing stockholders. The shares are expected to begin trading on the Nasdaq Global Select Market on November 3, 2021 under the ticker symbol BIRD. The closing of the offering is expected to occur on November 5, 2021, subject to satisfaction of customary closing conditions.

Latham & Watkins LLP represents the underwriters in the offering with a capital markets team led by partners Stelios Saffos, Rick Kline, and Benjamin Cohen and associate Brittany Ruiz, with associates Nick Gonzalez and James Sullivan. Advice was also provided on environmental, social, and governance (ESG) matters by partner Christopher Clark and counsels Andra Troy and Edward Kempson; on tax matters by partner Rene de Vera, with associate Jeremiah Cowen; and on benefits & compensation matters by partner Jennifer Pepin.