On worth 10 billion on the stock exchange - "We facetimed from the trading floor with Federer"

On worth 10 billion on the stock exchange - "We facetimed from the trading floor with Federer"

The IPO of the Swiss sporting goods manufacturer had been expected for a long time . At the start of trading, the share got off to a flying start - to the delight of investor Roger Federer.

The founders of the Swiss sporting goods manufacturer needed a lot of patience. It took time to find the first seller and buyer for On shares on the New York Stock Exchange. But the wait was worth it: the first course was well above the expected rating. The shares of the Swiss sporting goods manufacturer were traded in New York for more than 34 dollars, more than 40 percent above the initial value. This put the company at a market valuation of more than $10 billion.

On co-founder Caspar Coppetti told this newspaper: "The first day is an emotional thing, but whether the IPO was a success will be settled in five years." But the character of the company should change little. "Investors tell us: keep doing what you've been doing." The company now has the means to invest on a larger scale. For example in new technologies and in the further development of the company. 31 million shares are placed at the IPO. That brings the company around 750 million dollars.

However, the corona pandemic is causing production difficulties in Vietnam. On is also affected by this, the sporting goods brand manufactures almost all of its shoes there. "70 percent of our factories are currently closed, and we expect production to slowly start up again in October," says Coppetti. On has sometimes also moved to other countries. Due to the delays, however, the company's growth will slow down somewhat.

Federer a reason for IPO in the USA

Roger Federer was also heavily involved with On because of his injuries. "We've worked with him for a total of 20 days over the past few months," says Coppetti. Federer brings many ideas and is an important ambassador for the company.

His popularity in the States is one of the reasons why the company went public in the USA. And he was also there when the stock market started, even if only virtually: "We facetimed with him from the trading floor."

Jorgos Brouzos has been a business journalist at Tamedia since 2015. He mainly reports on the Swiss financial center and the commodities sector. He studied political science at the University of Zurich.

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