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Swiss performance brand On files for New York IPO

By Huw Hughes

Aug. 24, 2021

Business

Image: On

Swiss performance brand On is set to be the latest company to launch an initial public offering (IPO) after applying to list on the New York Stock Exchange under the symbol ‘ONON’.

The sportswear brand, best known for its running shoes, said Monday it has publicly filed a registration statement on Form F-1 with the US Securities and Exchange Commission relating to a proposed IPO of its Class A ordinary shares.

The number of shares and price range have not yet been determined.

Goldman Sachs, Morgan Stanley and J.P. Morgan are acting as joint lead book-running managers for the proposed offering, with Allen & Company, UBS Investment Bank, and Credit Suisse acting as joint book-running managers.

On swings to H1 profit

The brand also revealed an 85 percent increase in net sales to 315.5 million Swiss francs in the six-month period to June 30, while net income came to 3.8 million Swiss francs, compared with a net loss of 33.1 million Swiss francs a year earlier.

Founded in 2010 by Olivier Bernhard, David Allemann and Caspar Coppetti, On creates premium footwear, apparel, and accessories for high-performance running, outdoor, and all-day activities.

Today the brand is present in more than 60 countries globally.

It is also backed by Swiss tennis legend Roger Federer, who in 2019 joined the business as a “close partner” after investing an undisclosed sum.

On will be the latest in a spate of fashion IPOs taking place since the outbreak of the pandemic, despite the industry as a whole being hit hard during the crisis.

Those companies include sustainable footwear and apparel brand Allbirds, resale platforms Poshmark and ThredUp, eyewear brand Warby Parker, iconic boot maker Dr Martens and British e-commerce giant The Hut Group.