On’s shares shot up 46 percent on its first day of trading on the New York Stock Exchange. The offering for the Swiss running footwear had been priced at $24.00 per share and closed Wednesday at $35.

The $24 offering price came in well above the initially projected range of $18 to $20. Earlier this week, the projected range was revised to $20 to $22.

The company sold 31.1 million shares to raise $746.4 million shares at a valuation of $6.5 billion. Proceeds are to be used for general corporate purposes. Shares started trading Wednesday under the ticker symbol “ONON.”

The filing follows 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.

Goldman Sachs, Morgan Stanley and Morgan Stanley are lead underwriters in a syndicate of nine banks on the On deal.

Photo courtesy World Today News