Swiss performance running brand On has confirmed the launch of an initial public offering (IPO) of 31,100,000 Class A ordinary shares.
The initial public offering price is expected to be between US$18.00 and US$20.00 per share. On has applied to list its Class A ordinary shares on the New York Stock Exchange under the symbol ‘ONON’.
The principal purposes of this offering are to ‘increase capitalization and financial flexibility’. On estimates that the net proceeds to the company from the offering will be approximately US$449 million.
A release about the IPO noted that… ‘On is offering 25,442,391 Class A ordinary shares and certain selling shareholders are offering 5,657,609 Class A ordinary shares.’ Proceeds from the other selling shareholders will not benefit On.
In a filing with the US Securities and Exchange Commission (SEC), On notes that its core opportunity is the approximately US$300 billion global sportswear market – an intersection of the US$119 billion sports footwear market and the US$174 billion sports apparel market.
On has been active in a number of areas in recent months. It opened a London Performance Running Lab in July, and tied up with pro cycling outfit Team Qhubeka in May.
In late 2020, On pushed its sustainability mandate with Cyclon – a subscription-based service to ‘bring fully recyclable sportswear to On customers worldwide.’
