(Reuters) – Shares of On Holding AG, backed by Roger Federer, jumped more than 47% when they debuted on the New York Stock Exchange on Wednesday, valuing the shoemaker at around $ 11.35 billion.
The IPO comes at a time when sports equipment, especially shoes, have left the shelves of most retailers as gym closures led by COVID-19 are pushing people to run to stay. in shape.
The company sold 31.1 million shares on its initial public offering (IPO) priced at $ 24, well above its target price range of $ 20 to $ 22, raising $ 746.4 million . Its stock opened at $ 35.40.
We were 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.
We also make a brand of 100% recyclable running shoes, called Cyclon, made from castor seeds. The shoes are only available by subscription and must be returned to the company for new ones once they are worn out.
The company’s listing comes at a time of increasing global demand and investor interest in sustainable products.
Other sustainability-focused startups that recently went public include Hollywood star Jessica Alba’s Honest Co and Oatly Group AB, backed by Oprah Winfrey.
Wool shoe maker Allbirds also filed for an IPO last month.
In April, Reuters said the shoemaker was aiming for a fall listing here that could earn him a valuation of between $ 4 billion and $ 6 billion.
Existing On’s shareholders also offered just over 5 million shares in the IPO, and the company will not receive any of those proceeds.
Goldman Sachs & Co, Morgan Stanley and JP Morgan are among the underwriters of the offer.
Report by Noor Zainab Hussain in Bengaluru; Editing by Amy Caren Daniel and Anil D’Silva