Allbirds files for U.S. IPO using ESG-focused route (updated)

Honest

31/08/2021 14:02

(Adds details, background)
    Aug 31 (Reuters) - Allbirds, a footwear maker backed by
asset manager Franklin Templeton, said on Tuesday it has filed
for a U.S. initial public offering, as the company looks to cash
in on growing demand for sustainable products globally.
    The company, which mentions the word "sustainability" 107
times in its regulatory filing, said it hopes to "help pioneer"
a framework for companies to conduct what it called a
sustainable public equity offering, or SPO. 
    In order for a public equity offering to be designated as an
SPO, a company must meet certain criteria, such as a minimum
environmental, social and governance (ESG) rating and best
practices on climate response, among others. 
    "We believe the SPO designation will help to identify
leading ESG companies as they enter the public equity markets,"
the company said.  
    Allbirds' bid to go public comes against the backdrop of
surging investor interest in sustainable companies, which also
care about ESG issues.
    Plant-based burger maker Impossible Foods is looking to list
through a blank-check merger, Reuters reported in April, while
Hollywood star Jessica Alba's Honest Co  HNST.O  and Oprah
Winfrey-backed Oatly Group AB  OTLY.O  made their stock market
debuts in May.
    Founded by co-Chief Executive Officers Joseph Zwillinger and
 Timothy Brown, a former New Zealand soccer player, Allbirds is
known for the use of sustainable materials in its products.
    A native of New Zealand, Brown researched and tinkered with
the properties of merino wool and eventually teamed up with
Zwillinger to craft a wool fabric made specifically for
footwear.    

 (Reporting by Noor Zainab Hussain and Sohini Podder in
Bengaluru; Editing by Ramakrishnan M. and Shailesh Kuber)
 ((sohini.podder@thomsonreuters.com;))