{"id":121453,"date":"2021-09-15T18:52:47","date_gmt":"2021-09-15T18:52:47","guid":{"rendered":"https:\/\/fin2me.com\/?p=121453"},"modified":"2021-09-15T18:52:47","modified_gmt":"2021-09-15T18:52:47","slug":"federer-backed-shoemaker-on-valued-at-over-11-billion-in-nyse-debut","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/federer-backed-shoemaker-on-valued-at-over-11-billion-in-nyse-debut\/","title":{"rendered":"Federer-backed shoemaker On valued at over $11 billion in NYSE debut"},"content":{"rendered":"

(Reuters) -Shares of Roger Federer-backed On Holding AG jumped more than 47% in their debut on the New York Stock Exchange on Wednesday, valuing the shoemaker at about $11.35 billion.<\/p>

Slideshow ( 3 images )<\/span><\/figcaption>

The IPO comes at a time when athletic gear, especially shoes, has been flying off the shelves at most retailers as COVID-19-led gym closures push people to take up running to keep themselves fit.<\/p>\n

The company sold 31.1 million shares in its initial public offering (IPO) priced at $24, well above its $20 to $22 target price range, raising $746.4 million. Its stock opened at $35.40.<\/p>\n

On 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.<\/p>\n

The 20-times Grand Slam winner teamed up with the company earlier this year to develop the Roger Pro tennis shoe.<\/p>\n

On also makes a 100% recyclable brand of running shoes, called Cyclon, made from castor beans. The shoes are available only on a subscription basis and have to be returned to the company for new ones once they wear out.<\/p>\n

The company\u2019s listing comes at a time when there is growing global demand and investor interest for sustainable products.<\/p>\n

Other sustainability-focused startups that recently went public include Hollywood star Jessica Alba\u2019s Honest Co and Oprah Winfrey-backed Oatly Group AB.<\/p>\n

Wool footwear maker Allbirds also filed for an IPO last month.<\/p>\n

In April, Reuters had reported the shoemaker was targeting a listing in autumn here that could fetch it a valuation of between $4 billion and $6 billion.<\/p>\n

On\u2019s existing shareholders also offered a little more than 5 million shares in the IPO, and the company will not get any of those proceeds.<\/p>\n

Goldman Sachs & Co, Morgan Stanley and J.P. Morgan are among the underwriters for the offering.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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