NEW YORK: Swiss running shoe company On Holding, which boasts tennis icon Roger Federer as a stakeholder, debuted on the New York Stock Exchange on Wednesday, selling 31.1 million shares in its initial public offering and raising $746.4 million on Day 1 of its listing.
On Holding’s share price jumped by almost 46% in their NYSE debut, valuing the Swiss shoemaker at around $11 billion by the end of the day, BBC reports.
On was founded in 2010 by running enthusiasts Olivier Bernhard, David Allemann and Caspar Coppetti, with Federer investing an undisclosed sum in the company in 2019.
Federer teamed up with the company earlier this year to develop the Roger Pro tennis shoe, which the 20-time Grand Slam winner has worn at recent tournaments, including Wimbledon.
As per BBC, On also makes a 100% recyclable brand of running shoes, called Cyclon, made from castor beans. The shoes are available only on a subscription basis and have to be returned to the company for new ones once they wear out.
The company’s listing comes amid growing global demand and investor appetite for sustainable products.
