The logo of ON (Run on Clouds), a shoemaker backed by Swiss tennis player Roger Federer, is pictured in the Swiss Sport Style shop ahead of the Initial Public Offering (IPO), in Lausanne, Switzerland, September 14, 2021. REUTERS/Denis Balibouse
Sept 14 (Reuters) – On Holding AG (ONON.N), a shoe firm backed by Swiss tennis legend Roger Federer, on Tuesday priced its initial public offering (IPO) well above the target range, valuing the company at over $6 billion.
On priced 31.1 million shares offered at $24 each, compared with a target range of $18 to $20 per share, raising $746.4 million, it said in a statement.
The shoemaker was founded in 2010 by running enthusiasts Olivier Bernhard, David Allemann and Caspar Coppetti, with Federer investing an undisclosed sum in the company in 2019.
The 20-time Grand Slam winner teamed up with the company earlier this year to develop the Roger Pro tennis shoe.
The IPO comes at a time when athletic gear, especially shoes, has been flying off the shelves at most retailers as COVID-induced gym closures push more people to take up running to keep themselves fit.
The company’s largest market is North America, which accounts for nearly 49% of total sales, followed closely by Europe.
On is due to begin trading on the New York Stock Exchange on Wednesday.
Goldman Sachs & Co, Morgan Stanley and J.P. Morgan are among the underwriters for the offering.Reporting by Sabahatjahan Contractor and Noor Zainab Hussain in Bengaluru; editing by Richard Pullin
Our Standards: The Thomson Reuters Trust Principles.
Century Tower completes handovers two months ahead of schedule in Business Bay as wider delay…
Keturah founder pinpoints critical shifts that will transform the property landscape in 2026 Dubai, UAE,…
South Asia’s definitive thought leadership dialogue, The Times Group’s ET NOW Global Business Summit 2026…
M&D has appointed industry veteran Tom Rizzi as Chief Executive Officer effective January 1, 2026
A striking new architectural landmark has entered the luxury market at 1140 Summit Drive in…
Three Group Solutions has completed the deployment of a private 5G network across key Hutchison…