Shares of Tennis star Roger Federer-backed On Holding AG (ONON.N) jumped more than 47% in their debut on the New York Stock Exchange on Wednesday. Also valuing the shoemaker at about $11.35 billion. The IPO comes at a time when athletic gear. Especially shoes, has been flying off the shelves at most retailers. However, as COVID-19-led gym closures push people to take up running to keep themselves fit.
The company sold 31.1 million shares in its initial public offering priced at $24,. Surprisingly, it's well above its $20 to $22 target price range, raising $746.4 million. Its stock opened at $35.40. On was founded in 2010 by running enthusiasts Olivier Bernhard, David Allemann and Caspar Coppetti, with Federer investing an undisclosed sum in the company in 2019.
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The 20-times Grand Slam winner teamed up with the company earlier this year to develop the Roger Pro tennis shoe. On also makes a 100% recyclable brand of running shoes, called Cyclon, made from castor beans. The shoes are available only on a subscription basis and have to be returned to the company for new ones once they wear out.
The company's listing comes at a time when there is growing global demand and investor interest for sustainable products. Other sustainability-focused startups that recently went public include Hollywood star Jessica Alba's Honest Co and Oprah Winfrey-backed Oatly Group AB.
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In April, Reuters had reported the shoemaker was targeting a listing in autumn that could fetch it a valuation of between $4 billion and $6 billion.