Swiss-based sportswear company, On Holding completes IPO at NYSE

On Holding, a Swiss-based athletic shoe and performance sportswear company, has completed its initial public offering (IPO) on the NYSE, consisting of an offering of 31,100,000 Class A ordinary shares, of which 25,442,391 were offered by On Holding AG and 5,657,609 were offered by the selling shareholders, and an over-allotment option granted to the underwriters of an additional up to 4,665,000 Class A ordinary shares (which was exercised in full on September 15, 2021).

The issuance price was USD 24 per Class A ordinary share. Trading of the shares on NYSE commenced on September 15, 2021 under the ticker symbol “ONON”, and the IPO was settled on September 17, 2021. 

The advisors 

Lenz & Staehelin advised On Holding as issuer’s counsel. The team was led by partners Stephan Erni (pictured top right) and Patrick Schleiffer (pictured top left) and included associates  Patrick Schärli and Nicole Humbel (all capital markets / corporate), partner Heini Rüdisühli and counsel Franziska Stadtherr (both tax) and partner Jürg Simon (ip). 

Goldman Sachs & Co., Morgan Stanley & Co., J.P. Morgan Securities, Allen & Company, UBS Securities, Credit Suisse Securities (USA), Robert W. Baird & Co. Incorporated, Stifel, Nicolaus & Company, Incorporated and Telsey Advisory Group acted as underwriters in connection with the IPO. 

Homburger acted as Swiss legal counsel to the underwriters. The Homburger team was led by partner Dieter Gericke (pictured) and included associates Lorenzo TogniKarin Mattle and Francesco Bernasconi (all capital markets; corporate /m&a). Partner Stefan Oesterhelt provided tax advice. 

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