Roger Federer Swiss sneaker company On Holding's IPO
Swiss athletic-footwear maker On Holding ($ONON) jumped +45.83% on IPO debut. The sneaker company went public in a cooperation agreement with tennis great Roger Federer.
On Holding logged net sales of around $463 million last year, a 59% gain. For the first six months of this year, those sales jumped 85% to $343.4 million.
On Holding lost money, on a per-share basis, but turned a per-share profit of one cent during the first half of this year.
Shares of Roger Federer-backed On Holding jumped more than 47% in their debut on the New York Stock Exchange, valuing the shoemaker at about $11.35 billion https://t.co/db6BZeDoOq pic.twitter.com/hChm40eqXr— Reuters Business (@ReutersBiz) September 15, 2021
$ 10 billion market value
Retail and institutional investors literally fight over the On shares. The stock traded around $ 38 at times. At the close printed at $ 35, nearly 46 percent above the issue price. At the current rate, the company is worth around $ 10 billion. That is significantly more than the 6 to 8 billion dollars that were targeted in the run-up to the IPO. Will the share with the ticker symbol $ONON" continue to rise? All thanks to Roger?
Roger Federer (40) was not physically present there at the stock exchange. The tennis star is strategically involved in On, develops its own sneaker collections and acts as a marketing engine. As a result, Federer is also doing a pretty good job with the Swiss IPO (Initial Public Offering).