On, the Swiss running brand, has filed for an initial public offering in the U.S.*
In April, sources told Bloomberg that On had started preparing for its IPO that was projected to value the business at about $5 billion. Sources told Reuters in April that the company could seek a valuation of between $4 billion and $6 billion in its IPO.
The filing comes following a period of rapid growth for the company, which was founded in 2010 in Zürich by Olivier Bernhard, David Allemann and Caspar Coppetti.
According to its prospectus filing with the New York Stock Exchange, sales in the first six months of 2021 rose 84.5 percent to CHF 315.4 million ($345mm) from CHF 170.9 mm a year ago. Net income came to CHF 3.8 million against a loss of CHF 33.1 million a year ago.
In 2020, sales reached CHF 425.3 million ($465mm), up 59.2 percent from CHF 267.1 million a year ago. The net loss in 2020 came to CHF 27.5 million against a loss of CHF 1.47 million a year ago.
The Zurich-based company in its filing Monday listed the size of the offering as $100 million, a placeholder that will change when it sets terms for the share sale. Proceeds will be used for general corporate purposes, including working capital, operating expenses and capital expenditures.
It has applied for the NYSE listing symbol “ONON.”
Goldman Sachs Morgan Stanley and J.P. Morgan are among the underwriters for the offering.
*For more in-depth coverage, go here to read today’s SGB Executive article, “It’s On! The Swiss Running Brand Files For IPO,” by SGB Senior Business Editor, Thomas J. Ryan.
Photo courtesy On Running
