On Holding, a Swiss running shoe and athletic apparel brand, raised the proposed deal size for its upcoming IPO on Monday.
The Zürich, Switzerland-based company now plans to raise $653 million by offering 31.1 million shares (18% secondary) at a price range of $20 to $22. The company had previously filed to offer the same number of shares at a range of $18 to $20. At the midpoint of the revised range, On Holding will raise 11% more in proceeds than previously anticipated.
On believes it is one of the fastest-growing scaled athletic sports companies in the world, having grown its net sales at an 85% CAGR from inception through 2020. The company has built a global customer base across more than 60 countries, including Germany, the US, Japan, China, and Brazil. It has a selective wholesale presence in approximately 8,100 retail doors globally, and it also operates in the direct-to-consumer channel.
On Holding was founded in 2010 and booked $616 million in sales for the 12 months ended June 30, 2021. It plans to list on the NYSE under the symbol ONON. Goldman Sachs, Morgan Stanley, J.P. Morgan, Allen & Company, UBS Investment Bank, and Credit Suisse are the joint bookrunners on the deal. It is expected to price during the week of September 13, 2021.
