David Allemann (founder, from left), Marc Maurer (COO), Olivier Bernhard (founder), Caspar Coppetti (founder) and Martin Hoffmann (CFO) are starting the IPO.
(Photo: AP)
New York, Zurich The running shoe manufacturer On Holding has made a brilliant start on the New York Stock Exchange. The shares of the Swiss company climbed around 46 percent to $ 35. Overall, the stock exchange values the company, in which tennis star Roger Federer is involved, with around eleven billion dollars. Previously, the Zurich-based company had placed 31.1 million Class A shares at $ 24, which was more expensive than planned. Originally, an issue price of 18 to 20 dollars was targeted.
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.
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