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On, the shoe brand backed by Roger Federer, lifted its expected value by 33% on Tuesday by raising its share price and shares issued while going public.
The company issued 31.1 million shares at $24 each, well above a previously reported plan to sell 25.4 million shares at $18 to $20.
The optimism was justified by the market: On’s shares jumped around 50% from its opening price.
- On raised $746 million through the IPO.
- While it would have had a market capitalization around $7.3 billion based on its initial share price, the increase in stock price placed its market cap at $9.7 billion.
- The company’s revenue rose 84.6% year-over-year in the second quarter to $157.7 million. It eked out a profit of $1.9 million.
On is the fastest-growing top-25 athletic shoe brand, according to market research firm NPD Group.
On’s Federer-designed shoe, The Roger, had its global release on June 30. Federer continues to show the power of his brand, earning $90 million in all off-court activities in the year ending May 1, second among all athletes, per Forbes.
The IPO was led by Goldman Sachs, Morgan Stanley, and JP Morgan.
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