On announced the pricing of its initial public offering of 31.1 million Class A ordinary shares at a public offering price of $24.00 per share. The running footwear brand had marketed the shares for $20 to $22 each.

On, which counts tennis pro Roger Federer among its investors, would have a market value of about $7.3 billion based on the outstanding shares listed in filings with the U.S. Securities and Exchange Commission.

On is offering 25,442,391 Class A ordinary shares and certain selling shareholders are offering 5,657,609 Class A ordinary shares. In connection with the offering, On and the selling shareholders have granted the underwriters a 30-day option to purchase up to an additional 4,665,000 Class A ordinary shares at the initial public offering price to cover over-allotments. The Class A ordinary shares are expected to begin trading on the New York Stock Exchange on September 15, 2021 under the symbol “ONON.”

The closing of the offering is expected to occur on September 17, 2021 subject to the satisfaction of customary closing conditions.

Goldman Sachs & Co. LLC, Morgan Stanley and J.P. Morgan are acting as joint lead book-running managers for the proposed offering, with Allen & Company LLC, UBS Investment Bank, and Credit Suisse acting as joint book-running managers. Baird, Stifel and Telsey Advisory Group are acting as co-managers for the proposed offering.

Photo courtesy On Running