The founders of Swiss athletic shoe company On Holdings were joined by 100 other runners for a run along the Hudson River up to the NYSE. They rang the opening bell for the first day of trading for the On shoes initial IPO.
Under the ticker symbol “ONON,” shares started trading at $24, which is more than the previous target range of $20–$22. At the new share price, the company plans to raise over $746 million through the sale of 31.1 million shares.
According to Renaissance Capital, On originally planned to price shares between $18 and $20 but upped the ante before the trading bell rang.
“On’s initial public offering and listing on the New York Stock Exchange will allow it to continue its unique journey as an independent sports brand and engage with new consumers around the world with agile access to capital,” the company said in a statement.
The lead underwriters of the On IPO are Goldman Sachs, Morgan Stanley, J.P. Morgan, Allen & Company, UBS Investment Bank, and Credit Suisse.
On shoes are designed to feel like running on clouds.
Founded in 2010 by former World Champion endurance athlete Olivier Bernhard and his friends David Allemann and Caspar Coppetti, On's mission was to revolutionize the sensation of running by empowering users to “run on clouds.” On shoes incorporate the company’s proprietary CloudTec® technology, which is said to reduce muscle fatigue and lower heart rates.
On’s founders believe that the company is now one of the fastest-growing scaled athletic sports companies in the world, according to the prospectus filed with the SEC.
On is one of the fastest growing athletic shoe brands in the U.S.
On shoes and sports apparel are present in more than 60 countries, including North America, Europe, Asia, Australia, and Latin America. The biggest share of the company’s business comes from North America, which accounts for 49 percent of sales.
The Switzertland-based company got a boost in November 2019 when Swiss tennis icon Roger Federer signed on as a major investor and partner. Last year, On released the Roger shoe, named for Federer.
Over the last 10 years, the company has had an average annual net sales growth of 85 percent. Within the last 12 months ending in June, the company booked $616 million in sales.
On opened its first retail location in NYC.
In December 2020, On opened its flagship retail store in New York City. The company also recently introduced the first fully recyclable running shoes that are available only by subscription.
"Our mission as a brand is to ignite the human spirit through movement," co-founder Allemann told Forbes. "If you go for a run or a hike or just for a walk, going out lifts the spirit and gives you new ideas. We feel that is something universal and resonates with a wider group."
How to buy On stock
If you’re interested in buying ON stock shares, you can do so through any traditional brokerage or online brokers like Robinhood or WeBull.