IPO in New York: One meets with great interest in the IPO and starts well above the issue price | 15.09.21

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The company On from Zurich placed 31.1 million Class A shares on Wednesday night at $ 24, which is more expensive than planned: Originally, an issue price of $ 18 to 20 was targeted.

The jump on the New York Stock Exchange washed the sports equipment manufacturer $ 746.4 million into the cash register. Overall, the transaction values ​​the company, in which tennis star Roger Federer has a stake, at more than six billion dollars. On shares began trading at an initial price of $ 35.40, up 47.5 percent from the issue price of $ 24. The stock ultimately went out of trading at a premium of 46.06 percent at $ 35.06. Measured against the initial price, however, this corresponds to a minus of 0.96 percent.

Olympic team supplier

Running shoe manufacturers have seen a boom in demand during the coronavirus pandemic. Many people turned to running when gyms closed and team sports activities were banned. On was founded in 2010 by former top triathlete Olivier Bernhard and running enthusiasts David Allemann and Caspar Coppetti.

Thanks to the cushioning technology they have developed, one should “walk on clouds” in the On running shoes with the distinctive sole. The 20-time Grand Slam winner Federer got on board in 2019 and worked on the development of a tennis shoe. On was the supplier of the Swiss Olympic team this year.

The turnover of On, which also sells sportswear and accessories, shot up by 59 percent to 425.3 million Swiss francs last year, the adjusted operating profit (Ebitda) increased by 67 percent to 49.8 million Swiss francs. In the first six months of this year, the trend brand achieved sales revenue of 315.5 million francs and an Ebitda of 47.3 million francs.

Bumpy debut for sports radar

With the sports data provider Sportradar, another Swiss company went public in the US on Tuesday. The debut on the Nasdaq technology exchange was bumpy, however: The share price at close of trading was $ 25.05, below the issue price of $ 27.

The St. Gallen company raised $ 513 million from investors by placing 19 million Class A shares. Sportradar, which supplies data on sporting events to betting providers and media companies, among others, wants to put the money into further growth and acquisitions.

Zurich / New York (awp / awp / sda / reu)

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