Investors apparently rushed to buy the new Class A shares offered by On Holding and some of its shareholders as they reportedly started trading on the New York Stock Exchange today at around $35 per share, well above a price of $24 that the company had announced yesterday for its initial public offering. At this level, the company’s valuation is going to be higher than $9.6 billion. We’ll be able to be more specific tomorrow.
On had previously raised its target range from $18-20 to $20-22. The company had also said that a proposed overallotment of additional shares has already been fully subscribed, bringing the total offering up to 35,765,000 shares.
The shares are trading under the ticker symbol ONON. The closing of the offering is set to take place on Sept. 17, subject to the satisfaction of customary closing conditions.
As already reported, five members of the company’s management were expected to sell some 5.66 million of their own shares, while retaining 59.4 percent control over it through their Class B shares, which carry ten votes each against one vote for each Class A shares. The five are the 11-year-old Swiss company’s three founders - David Allemann, Caspar Coppetti and Oliver Bernhard – and Martin Hoffmann and Marc Maurer, co-CEOs along with Coppetti.
The five Musketeers of On Running joined a group of 100 people who celebrated the IPO this morning with a run along the Hudson River prior to the opening of the stock exchange to ring its opening bell.
Goldman Sachs & Co., Morgan Stanley and J.P. Morgan are acting as joint lead book-running managers for the IPO, with Allen & Company, UBS Investment Bank and Credit Suisse acting as joint book-running managers. Baird, Stifel and the Telsey Advisory Group are acting as co-managers.
