“The IPO gives us another starting line, the opportunity to further grow around the world,” co-founder David Allemann said in an interview. On plans to open its next store in Tokyo in 2022 and is eyeing additional shops in the U.S. and China.
Allemann was joined by some 100 runners in jogging along the Hudson River to the New York Stock Exchange ahead of the opening bell.
On’s net income amounted to 3.8 million francs ($4.1 million) in the six months through June, compared with a loss of 33.1 million francs a year earlier. Adjusted Ebitda for the first half of the year was 47.3 million francs.
“The brand’s home is Switzerland, but as a global brand we wanted it to be part of the most global stock market and address a global investor community,” Chief Financial Officer Martin Hoffmann said.
Goldman Sachs Group Inc., Morgan Stanley, JPMorgan Chase & Co., Allen & Co. LLC, UBS Group AG and Credit Suisse Group AG managed the sale.