Kiwi-founded environmentally friendly footwear brand Allbirds is reportedly going to go public on the US stock market.
The move comes nearly two months after Kiwi-founded Rocket Lab also went public at an enterprise value of US$4.1 billion.
On Wednesday, The New York Times reported Allbirds has been interviewing banks about a possible Wall St debut. It comes after a report by TechCrunch in October the company had been approached by blank-check firms or SPACs (special purpose acquisition companies) to go public.
Founded by New Zealander and former All Whites footballer Tim Brown in 2016 and headquartered in San Francisco, Allbirds was last valued at about US$1.7 billion. It's best known for its trademark shoe, Wool Runner, and the company is now a global success with stores in multiple countries including in Europe and the US.
Allbirds has had celebrities including Jennifer Garner, Mila Kunis, and former US President Barack Obama endorsing its product.
The NYT report did not say when any potential transaction could go ahead.
Milford Asset Management Senior Analyst Frances Sweetman applauded the reported decision.
"It's a fantastic endorsement of New Zealand business and what we can achieve here in our country through not only our fantastic materials but also our great ideas and intellectual capital."
Sweetman told Newshub the brand's sustainability, and its celebrity cool could turn investors' heads.
"That is what really attracts investors to the story, and this is a really ambitious New Zealand company."
In February, Brown said he had no plans for an Initial Public Offering - at five years old, he felt it was too early.
But a recent job advert appears to show he's changing his tune, asking for an accounting manager with "IPO experience, including knowledge of the S-1 filing process" - the registration process used by companies planning to go public.
Allbirds wouldn't confirm or deny the plans but in a statement told Newshub it'll do what's best for its stakeholders at the right time.
"Allbirds has always been focused on building a great company, and as a B Corp and Public Benefit Corporation, doing what is best for our stakeholders (planet, people, investors) at the right time and in a way that helps the business grow in a sustainable fashion."
