DJ Swiss Sneaker Company On Holding's IPO Prices Above Range At $24 A Share -- MarketWatch
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Swiss athletic-footwear maker On Holding (ONON), which has a cooperation agreement with tennis great Roger Federer, said its initial public offering priced at $24 a share, above its proposed price range of $18 to $20. The company sold 31.1 million shares to raise $746.4 million shares at a valuation of $6.5 billion. Shares will start trading later Wednesday on the New York Stock Exchange, under the ticker symbol "ONON." Goldman Sachs, Morgan Stanley and Morgan Stanley are lead underwriters in a syndicate of nine banks on the On deal. Proceeds are to be used for general corporate purposes. The company had net income of 3.8 million Swiss francs ($4.1 million) in the six months through June 30, after a loss of 33.1 million francs in the year-earlier period, according to its IPO documents. Sales came to 315.5 million francs, up from 170.9 million francs. The Renaissance IPO ETF (IPO) has gained 5% in the year to date, while the S&P 500 has gained 18%.
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September 15, 2021 07:29 ET (11:29 GMT)