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Sept. 15, 2021, 1:30 p.m. EDT

Swiss running-shoe company On's stock soars in public debut, opening 48% above IPO price

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By Tomi Kilgore

On Holding AG /zigman2/quotes/229331620/composite ONON -1.33% debuted to cheers on the NYSE Wednesday, as the Switzerland-based athletic-footwear company's stock opened 47.5% above the initial-public-offering price. The company, which has a cooperation agreement with tennis star Roger Federer, had said overnight that its offering of 31.1 million shares, of which 25.4 million shares were sold by the company, priced at $24 a share, above the expected range, which was recently boosted to between $20 and $22 a share from between $18 and $20 a share, as the company raised $610.6 million. The stock's first trade was at $35.40 at 1:24 p.m. Eastern time for 2.8 million shares. The stock has since added to gains, to trade up 47.9% at $35.56, for a market market capitalization of $12.3 billion. The company went public on a day that the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO -1.22% was up 0.2% in afternoon trading while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.11% had gained 0.8%.

/zigman2/quotes/229331620/composite
US : U.S.: NYSE
$ 33.26
-0.45 -1.33%
Volume: 778,638
Oct. 22, 2021 4:00p
P/E Ratio
995.81
Dividend Yield
N/A
Market Cap
$10.32 billion
Rev. per Employee
$609,018
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/zigman2/quotes/207665280/composite
US : U.S.: NYSE Arca
$ 68.57
-0.85 -1.22%
Volume: 49,585
Oct. 22, 2021 4:10p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,544.90
-4.88 -0.11%
Volume: 1.82B
Oct. 22, 2021 5:04p
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