When Swiss-based footwear company On Running debuted on the New York Stock Exchange Wednesday morning, it did so in style—while also staying true to its mission and brand…
On’s founders, along with about 100 other runners, jogged along the Hudson River en route to Wall Street, where the company’s leaders rang the NYSE’s opening bell, officially making their business a publicly traded company.
“On is a global brand, resonating with customers in more than 60 countries,” the company wrote to commemorate the occasion. “Running to Wall Street with its community is in the DNA of a brand born 11 years ago in the Swiss Alps, driven to prominence by World Champions, Olympians, and a fanbase around the world who have fallen in love with its unique performance across both shoes and apparel.”
With its IPO, the brand—which is barely a decade old yet already recognized globally for its rapid growth in a crowded market—offered further proof that outdoor and athletic consumers aren’t the only ones buzzing over the company. So are investors.
On priced its IPO of 31.1 million shares at $24 a share—up from its initial expectations—for an initial raise of $746 million. The brand has an estimated market value of $7.3 billion based on the number of outstanding shares listed in U.S. Securities and Exchange Commission filings.
The company’s first day on the stock exchange didn’t disappoint. On shares spiked…
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