On targets IPO in New York

On has submitted a listing application for an IPO on the New York Stock Exchange (NYSE) with the United States Securities and Exchange Commission (SEC). Shares in the Zurich-based firm are to be traded under the symbol ONON, although the number of Class A ordinary shares and the price range for the IPO have not yet been determined.

Founded back in 2010, the company has experienced strong growth in recent years. Between 2018 to 2020, On grew by 66 percent per year. In the first six months of 2021, the company generated sales of 315.5 million Swiss francs, which equates to an increase of 85 percent in comparison with the same period of the previous year. Net profit totaled 3.8 million Swiss francs.

On has its sights set on conquering the market for running shoes with a specially developed sole that allows for explosive take-offs and soft landings. This offers a high level of wearer comfort to support a pleasant and enjoyable sensation of running. During the development phase, the founders David Allemann, Caspar Coppetti and Olivier Bernhard relied specifically on Swiss engineering. In 2019, global tennis star Roger Federer joined the On team as an investor and advertising icon.

At present, On running shoes are already available to buy in more than 50 countries around the world, according to information from the company itself. The headquarters of On are still located in the company’s home city of Zurich, although On does operate locations in the USA, Japan, Australia and Brazil. The company currently employs more than 800 staff in total.