The Zurich-based company On Holding AG has been listed on the New York Stock Exchange since Wednesday. The performance sports clothing brand and some of its investors placed 31.1 million A-class shares at 24 US dollars in the night before Wednesday. Originally, an issue price of 18 to 20 US dollars was the aim. At the start of trading, the shares were at 35.40 US dollars – almost 46 percent over the issue price. They were at 35 US dollars at the close of market.
Overall, the shoe brand, which includes tennis legend Roger Federer as a co-entrepreneur, redeemed 746 million US dollars with the public offering. Various media state that On’s new shareholder value is between 7.5 billion and 10 billion US dollars. The expectation was for this to be 6 to 8 billion US dollars.
On is one of the fastest growing sports brands in the world. According to information provided by the company, it has achieved an average growth rate of 85 percent in the eleven years since it was founded. It was able to increase its net sales to 425.3 million Swiss francs in 2020. The half-year net sales for 2021 rose by 85 percent again compared with the same period of the prior year to reach 315 million Swiss francs. The gross margins in the first half of 2021 reached 59 percent.
On the morning of the start of trading, 100 runners together with the founders of On traversed the Hudson River to arrive at the New York Stock Exchange and ring the opening bell. The brand states that it is rooted in technology, design and sustainability, and has built up a passionate global fan base in over 60 countries.