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Bloomberg
Swiss running shoemaker On Holding AG, whose proprietary cushioning technology has attracted Roger Federer as an investor, plans to raise as much as $622 million in an initial public offering in New York.
The IPO will consist of 31.1 million shares sold at $18 to $20 each, the Zurich-based company said in a filing. The sale would value the shoemaker at as much as $5.5 billion if a so-called greenshoe option is exercised.
On has become one of the world’s fastest-growing running-shoe brands since it was founded a decade ago. The pandemic gave the label a boost as well, thanks to a lockdown-inspired boom in the running, outdoor and casual clothing sectors. The shoes, known for their distinctive tubular cushions on the sole, have garnered somewhat of a cult following.
The shares will trade under the NYSE listing symbol “ONON.†The company is selling 25.4 million shares, while existing shareholders are selling 5.7 million.
The company’s investors include Stripes, the growth investment firm founded by Ken Fox, and former 3G Capital dealmaker Alex Perez’s Point Break Capital, according to the filing. Asian private equity firm Hillhouse also owns a stake.