Running Shoe Start-Up Worth More than Six Billion Dollars
The Swiss running shoe manufacturer On can sell its shares in the context of the IPO on New York’s Wall Street at a higher price than expected. The 31.1 million Class A shares were placed at $ 24, adding $ 746.4 million to the company’s cash register. On had expected revenues of $ 622 million.
Originally, an issue price of $ 20 to $ 22 was targeted. On the stock exchange, On is worth more than six billion dollars. Trading in the On shares is scheduled to start later this Wednesday on the New York Nyse Stock Exchange
Tennis star Roger Federer (40) should be a prominent beneficiary of the IPO. He joined On Holding in November 2019 with an unspecified sum. The Swiss “Handelszeitung” wrote of an amount of 50 to 100 million francs. A few months ago, Federer announced that they would be developing a tennis shoe with the name “Roger Pro” together with On.
On was founded in 2010 by running enthusiasts Olivier Bernhard, David Allemann and Caspar Coppetti. On running shoes are currently available in more than 6,500 specialty stores in over 50 countries, according to the company’s website.
According to the stock exchange documents submitted, the company has grown vigorously in recent years. While sales in 2019 were around 267 million Swiss francs (the equivalent of 245 million euros), last year it was 425.3 million Swiss francs. In the first half of 2021, according to the documents, sales amounted to 315.5 million Swiss francs (same period in the previous year: 170.9 million). Net profit in the first half of 2021 was 3.8 million Swiss francs (same period in the previous year: loss of around 33.1 million Swiss francs).
North America is currently the largest market for On, around 49 percent of current sales come from there. Europe follows closely behind. The investment banks Goldman Sachs, Morgan Stanley and J.P. Morgan.
Running Shoe Start-Up Worth More than Six Billion Dollars - /10
The Swiss running shoe manufacturer On can sell its shares in the context of the IPO on New York's Wall Street at a higher price than expected.