Two weeks after filing for an IPO, On Holding — known for On running shoes — revealed plans to raise as much as $622 million as part of the offering.
With 31.1 million shares priced at $18 to $20 each, the sale would value On at up to $5.5 billion if a greenshoe option — which grants the underwriter permission to sell more shares if demand is high — is exercised, according to Bloomberg.
On should have little problem selling the shares after increased interest from investors and consumers recently.
- Roger Federer, tennis star and the seventh-highest-paid athlete in the world, invested $54 million in the company in 2019 after 20 years with Nike. Stripes and Point Break Capital are also listed as investors in the filing.
- On’s net sales for the six months that ended in June were up 84% to $344.2 million from $186.5 million the year prior.
The company will be listed under ticker ONON on the NYSE. After its last funding round, On reached a reported valuation of around $2 billion.
On running shoes are currently sold at more than 6,500 retail stores in over 50 countries.
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