Latham & Watkins represented the underwriters in the offering while Cooley advised Allbirds.
Allbirds, Inc., a global lifestyle brand that innovates with naturally derived materials to make better footwear and apparel products in a better way, executed 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 began trading on the Nasdaq Global Select Market on November 3, 2021 under the ticker symbol “BIRD.”
Morgan Stanley, J.P. Morgan, BofA Securities, Baird, William Blair, Piper Sandler, Cowen, Guggenheim Securities, KeyBanc Capital Markets, Stifel, Telsey Advisory Group, C.L. King & Associates, Drexel Hamilton, Loop Capital Markets, Penserra Securities LLC, Ramirez & Co., Inc., Siebert Williams Shank acted as underwriters for the offering.
Latham & Watkins represented the underwriters in the offering with a capital markets team led by partners Stelios Saffos (Picture), 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.
The Cooley team was led by Nicole Brookshire, Peter Werner and Calise Cheng. Additional assistance was provided by Katherine Denby, Jacob B. Hanna, Arielle H. Friehling, Katie Lapidus, Ron Metzger, Alessandra Murata, Jeff Goldman, Alex Ellebracht, John Paul Oleksiuk, Colette Ghazarian, Randy V. Sabett, Karen Tsai, Patrick Stewart, Alexander Lee, Todd Gluth, Patrick Sharma, Tanisha James, Grace Hunter, Francis R. Wheeler, Darren DeStefano and Su Lu.
Involved fees earner: Nicole Brookshire – Cooley LLP; Calise Cheng – Cooley LLP; Katherine Denby – Cooley LLP; Darren DeStefano – Cooley LLP; Alexander Ellebracht – Cooley LLP; Arielle Friehling – Cooley LLP; Colette Ghazarian – Cooley LLP; Todd Gluth – Cooley LLP; Jeff Goldman – Cooley LLP; Jacob Hanna – Cooley LLP; Grace Hunter – Cooley LLP; Tanisha James – Cooley LLP; Katie Lapidus – Cooley LLP; Alexander Lee – Cooley LLP; Su Lian Lu – Cooley LLP; Alessandra Murata – Cooley LLP; John Paul Oleksiuk – Cooley LLP; Randy Sabett – Cooley LLP; Patrick Sharma – Cooley LLP; Patrick Stewart – Cooley LLP; Karen Tsai – Cooley LLP; Peter Werner – Cooley LLP; Francis Wheeler – Cooley LLP; Christopher Clark – Latham & Watkins; Benjamin Cohen – Latham & Watkins; Jeremiah Cowen – Latham & Watkins; Enrique Rene de Vera – Latham & Watkins; Nicolas Gonzalez – Latham & Watkins; Edward Kempson – Latham & Watkins; Richard Andrew Kline – Latham & Watkins; Jennifer Pepin – Latham & Watkins; Brittany Ruiz – Latham & Watkins; Stelios Saffos – Latham & Watkins; James Sullivan – Latham & Watkins; Andra Troy – Latham & Watkins;
Clients: Allbirds Inc.; Baird Capital Partners; Bank of America Securities; C.L. King & Associates; Cowen Inc.; Drexel Hamilton; Guggenheim Securities; J.P. Morgan Securities LLC; KeyBanc Capital Markets; Loop Capital Markets; Morgan Stanley; Penserra Securities; Piper Sandler; Ramirez & Co.; Siebert Williams Shank & Co. LLC; Stifel, Nicolaus & Company, Incorporated; Telsey Advisory Group LLC; William Blair & Company ;