Founded a decade ago On is one of the fastest-growing athletic sports companies in the world having grown its net sales at an 85% compound annual growth rate (“CAGR”) from inception through 2020 to CHF 425.3 million for the year ended December 31, 2020. The growth story is obviously well received by investors. On the day of the IPO on the New York Stock Exchange, the shares of the Swiss shoe manufacturer rose by 45%. This puts the value of the company at around $9.5 billion.
On sold 25,442,391 Class A ordinary shares and certain selling shareholders sold 5,657,609 Class A ordinary shares on Tuesday at a share price of $24 Dollar each. In total the company raised $746 million. In connection with the offering, On and the selling shareholders have granted the underwriters a 30-day option to purchase up to an additional 4,665,000 Class A ordinary shares at the initial public offering price to cover over-allotments.
On is a premium performance sports brand rooted in technology, design and sustainability that has built a passionate global community of fans across more than 60 countries.
(SK)
Picture (L-R): On founders Caspar Copetti, David Allemann, Olivier Bernhard
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