On Holding, a Swiss running shoe and athletic apparel brand, raised $746 million by offering 31.1 million shares (18% secondary) at $24, above the upwardly revised range of $20 to $22. The company originally planned to offer 31.1 million shares at $18 to $20, before raising the range on Monday.
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 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 acted as joint bookrunners on the deal.
