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Sept. 15, 2021, 7:30 a.m. EDT

Swiss sneaker company On Holding's IPO prices above range at $24 a share

Swiss athletic-footwear maker On Holding (NYS:ONON) , which has a cooperation agreement with tennis great Roger Federer, said its initial public offering priced at $24 a share, above its proposed price range of $18 to $20. The company sold 31.1 million shares to raise $746.4 million shares at a valuation of $6.5 billion. Shares will start trading later Wednesday on the New York Stock Exchange, under the ticker symbol "ONON." Goldman Sachs, Morgan Stanley and Morgan Stanley are lead underwriters in a syndicate of nine banks on the On deal. Proceeds are to be used for general corporate purposes. The company had net income of 3.8 million Swiss francs ($4.1 million) in the six months through June 30, after a loss of 33.1 million francs in the year-earlier period, according to its IPO documents. Sales came to 315.5 million francs, up from 170.9 million francs. The Renaissance IPO ETF (PSE:IPO) has gained 5% in the year to date, while the S&P 500 (S&P:SPX) has gained 18%.

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