Running brand On priced its initial public offering above its target range to raise $746.4 million on Tuesday. The performance shoe maker sold 31.1 million shares for $24 each, compared to its initial goal of $18 to $20 per share, bringing the company’s value to over $6 billion, Reuters reported.
The Swiss footwear brand, which is backed by tennis champion Roger Federer, filed for an initial public offering with the Securities and Exchange Commission in August to list on the New York Stock Exchange under the symbol ONON.
Like many running brands, On has seen explosive growth in the last two years. Since its founding in 2010 in Zürich, Switzerland, On has grown its net sales at an 85% compound annual growth rate and has expanded its offerings beyond running. On is currently sold in about 8,100 retail stores globally and claims it is “one of the fastest-growing scaled athletic sports companies in the world.” 36.6% of the company’s net sales in the first six months of 2021 were generated through direct-to-consumer channels, mainly the company’s website.
Federer became an investor and brand partner in 2019. The tennis star has his own On competition shoe and footwear line that includes The Roger Centre Court ($190), The Roger Clubhouse ($150) and The Roger Advantage ($140), available via On-running.com.