(Bloomberg) – Swiss shoemaker On Holding AG, whose proprietary cushioning technology has attracted tennis legend Roger Federer as an investor, rose 46% on the first trading day in New York.
Shares closed Wednesday at $ 35.00, after the piece was sold for $ 24 in the initial public offering. The Zurich-based company raised $ 746 million after trading the shares for between $ 20 and $ 22.
Where it has become one of the fastest growing running shoe brands in the world since it was founded a decade ago. The brand gained momentum from the pandemic thanks to a boom inspired by running, outdoor and casual clothing lock. The shoes, known for their distinctive tubular cushions on the sole, have achieved a bit of cult. Federer became a shareholder in 2019 and the company has introduced a shoe that helped design, which sells for about $ 200.
“The IPO offers us another starting line, the opportunity to grow even more around the world,” co-founder David Allemann said in an interview. Where he plans to open his next store in Tokyo in 2022 and is looking at other stores in the United States and China.
Allemann was joined by about 100 runners running down the Hudson River to the New York Stock Exchange before the opening bell.
On’s net profit amounted to 3.8 million francs ($ 4.1 million) in the six months to June, compared to a loss of 33.1 million francs the previous year. Adjusted Ebitda during the first half of the year was 47.3 million francs.
“The brand’s home is Switzerland, but as a global brand we wanted it to be part of the more global stock market and to target a community of global investors,” said CFO Martin Hoffmann.
Goldman Sachs Group Inc., Morgan Stanley, JPMorgan Chase & Co., Allen & Co. LLC, UBS Group AG and Credit Suisse Group AG managed the sale.
(Update the title, first and second sentences to reflect the closing price.)
There are more stories like this available at bloomberg.com
Subscribe now to move forward with the most reliable business news source.
© 2021 Bloomberg LP