Allbirds, the eco-friendly sneaker maker, made its highly-anticipated debut on the Nasdaq on Wednesday and surpassed expectations by achieving a valuation of $3.3 billion. The company’s shares opened 41% above their offer price, indicating strong demand from investors. This successful market debut places Allbirds among other retailers that have experienced impressive IPOs in recent times.

Allbirds has gained immense popularity for its unwavering commitment to sustainability, utilizing materials such as wool and plant-based alternatives in its products. Renowned figures, including Leonardo DiCaprio, Barack Obama, Ashton Kutcher, and Larry Page, have been spotted wearing Allbirds sneakers, further enhancing the brand’s reputation.

Joseph Zwillinger, Co-Chief Executive Officer of Allbirds, emphasized the company’s belief in the potential for businesses to achieve financial success while making a positive environmental impact. Allbirds has outlined its dedication to sustainability through its “Sustainability Principles and Objectives (SPO) Framework,” which establishes a set of environmental, social, and governance (ESG) criteria. The company underwent an assessment by an independent third party and was confirmed to be compliant with these criteria.

Although there were slight alterations made to the “SPO Framework” references in the company’s prospectus, Zwillinger dismissed them as mere semantic changes. The framework was developed by a council that included Suz Mac Cormac, a partner at law firm Morrison & Foerster, who highlighted the competitive advantage that companies like Allbirds can gain by prioritizing ESG factors crucial to their business and operations. This advantage includes attracting capital, customers, and top talent.

Allbirds successfully sold around 20.2 million shares, in addition to shares sold by existing investors, in its upsized offering, raising nearly $303 million. While the initial public offering (IPO) price was set at $15 per share, the shares opened at $21.21 each. This strong market debut aligns with the overall bullish trend in the IPO market in the United States this year.

With reputable underwriters like Morgan Stanley, J.P. Morgan, and BofA Securities leading the IPO, Allbirds has positioned itself for a prosperous journey in the public market. The company’s resolute commitment to sustainability and its popular eco-friendly products have resonated with both investors and consumers, paving the way for further growth, expansion, and success in the future.

For more information on Allbirds and its sustainable approach, visit their official website here. To explore the latest developments in the IPO market, check out this insightful article here.