Federer-backed shoemaker, valued at more than $ 11 billion on his NYSE debut

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September 15 (Reuters) – Shares of On Holding AG, backed by Roger Federer (ONON.N), jumped more than 47% in its New York Stock Exchange debut on Wednesday, valuing the shoemaker in about $ 11.35 billion.

The IPO comes at a time when sports equipment, especially shoes, has been flying off the shelves at most retailers, as COVID-19-run gym closures are pushing people to run to keep up. get in shape.

The company sold 31.1 million shares in its initial public offering (IPO) at a price of $ 24, well above its target range of $ 20 to $ 22, reaching $ 746.4 million. Its shares opened at $ 35.40.

Where it was founded in 2010 by running enthusiasts Olivier Bernhard, David Allemann and Caspar Coppetti, and Federer invested an undisclosed sum in the company in 2019.

The twenty-time Grand Slam winner partnered with the company earlier this year to develop the Roger Pro sneaker.

Where he also makes a brand of 100% recyclable running shoes, called Cyclon, made with castor oil. Shoes are only available by subscription and must be returned to the company for new ones once sold out.

The company’s share price comes at a time when global demand is growing and investors ’interest in sustainable products.

Other sustainability-focused startups that were recently made public are Honest Co (HNST.O) by Hollywood star Jessica Alba (HNST.O) and Oatly Group AB (OTLY.O), backed by Oprah Winfrey.

Wool shoe manufacturer Allbirds also filed for IPO last month. Read more

In April, Reuters reported that the shoemaker was aiming for a quote in the fall that could fetch a valuation of between $ 4 billion and $ 6 billion.

On’s existing shareholders also offered just over 5 million shares on the IPO, and the company will not get any of that revenue.

Goldman Sachs & Co., Morgan Stanley and JP Morgan are among the subscribers to the offer.

Reports from Noor Zainab Hussain to Bengaluru; Edited by Amy Caren Daniel and Anil D’Silva

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