The IPOX® Watch: On Holding AG
COMPANY DESCRIPTION
Established in 2010, On Holding AG is a premium performance sports brand, headquartered in Zürich, Switzerland. Founded by professional athlete, multi-time Triathlon and Duathlon world champion, On designs, manufactures, and distributes footwear, sports apparel and accessories products rooted in running. The company develops products for athletes, amateur runners and everyday consumers.
BUSINESS MODEL
On Holding generates revenue through the sale of footwear, apparel, and accessories products through its wholesale and direct-to-consumer channels with more than 95% revenue from shoes sale.
IPO HISTORY
On 09/15/2021, On Holding AG began trading on the NYSE led by Goldman Sachs. The athletic sports company offered 31.1 million shares (including 5,657,609 shares from selling shareholders) at $24.00 per share, above the elevated price range ($20 to $22). On was valued at ca. $6.6 billion at offer. The shares opened at $35.40 and closed the first day at $35.00 (+45.83%).
ON Holdings AG was included in the IPOX® 100 Europe Index (ETF: FPXE US, FPXE LN, EFPX IM) on 03/20/2023 and has gained +50.72% since addition to the indexes.
