On lunges forwards with IPO
Zurich-headquartered performance footwear and running apparel brand On recently filed for an initial public offering (IPO) with the US Securities and Exchange Commission.
The company, founded in 2010, revealed that it had applied to list its stock as “ONON” via the New York Stock Exchange.
It listed the size of the offering at a placeholder of $100 million, a figure that will inevitably change after terms are set for the sale of shares.
Bloomberg, citing Zurich-based business news outlet Bilanz, suggested that the activewear label may be seeking a valuation of between $6 billion and $8 billion, according to sources familiar with the matter.
On said that it has increased net sales at a compound annual growth rate of 85% from the year of its founding through 2020, suggesting that this makes it “one of the fastest-growing scaled athletic sports companies in the world”.
The company has been partly backed by Swiss professional tennis player Roger Federer in the role of "co-entrepreneur" since 2019.
Image: On.
