Lei Di Network Lei Jianping reported on September 16
Swiss sports brand On (stock code: "ONON") was listed on the New York Stock Exchange today. The issuance price of
On is US$24. The initial issuance range of On was US$18 to US$20, which was later raised to US$20 to US$22. This issue price is higher than the previous issuance range.
On (Onpao) sold 31.1 million shares this time, raising a total of US$746 million.
Among them, On sold 25.44 million shares and obtained US$610 million in funds. Existing shareholders sold 5.66 million shares and cashed out US$136 million.
On opened at US$35.4 and closed at US$35. The closing price increased 45.83% from the issue price. Based on the closing price, On's market value is approximately US$9.5 billion.
With the launch of On, On can be regarded as a counterattack story. It has suddenly emerged and grabbed a place in the sports shoe industry that has been dominated by companies such as Nike , Adidas for decades. Mark Maurer, co-CEO of
On, said: "We have grown into a company that has gone beyond Switzerland and gone global, and is ready to take the next step to connect with more consumers around the world, including China."
html has annual revenue of 465 million US$
On (On running) was founded by Swiss professional athlete, three-time world champion and six-time triathlon champion Olivier Bernhard together with two running athletes Caspar Coppetti and David Allemann. It is rooted in the Alps, sports and outdoor Become the natural gene of the brand and team.
According to co-founder Olivier, the disruptive technology of On running shoes mainly focuses on solving ergonomics. Early testers felt that their bodies were easier to switch on after putting on their feet (Switch On), and the company name was officially determined to be "On". The brand Logo is also designed in the shape of a light bulb switch.
On is positioned as a high-end brand mainly for professional runners. The average price of each pair of shoes is 190-270 Swiss francs (approximately 1330-1890 yuan).
As On's products have gradually expanded from professional running shoes to cross-country, sports and leisure, tennis and other fields, On has gained a large number of loyal fans among the elderly leisure crowd and trendy young people.
prospectus shows that On’s revenue in 2019 and 2020 was 267 million Swiss francs and 425 million Swiss francs (approximately US$465 million) respectively; On’s revenue in the first half of 2021 was 315 million Swiss francs (approximately US$345 million), compared with revenue of 170 million Swiss francs in the same period last year.
On's net profits in 2019 and 2020 were -1.47 million Swiss francs and -27.52 million Swiss francs respectively; On's net profit in the first half of 2021 was 3.76 million Swiss francs, and its net loss in the same period last year to 33.05 million Swiss francs.
On (Onpa)'s Adjusted EBITDA in 2019 and 2020 were Swiss francs 29.87 million and 49.76 million Swiss francs respectively; On (Onpao)'s Adjusted EBITDA in the first half of 2021 was 47.3 million Swiss francs, and the Adjusted EBITDA in the same period last year was 1,598. million Swiss francs.
Federer and Hillhouse are shareholders
In November 2019, "Swiss King" Roger Federer joined as an investor and partner, and launched his exclusive competition shoes and related products.
"I have been a follower of On and its products for some time. But after talking to the founders of the brand, I realized that we have much more in common than our Swiss DNA," Federer said at the time. "I'm very happy to be a part of it." As a member of On, we will contribute to shaping the future of this new generation of global sports brand."
After the IPO, David Allemann has 16.7% of the voting rights and 4.9% of the economic rights; Caspar Coppetti has 17.7% of the voting rights and 5% of the economic rights; Olivier Bernhard has 18.9% of the voting rights and 5.8% of the economic rights.
Point Break Capital LP holds 10.2% of the voting rights and 20.5% of the economic equity; Stripes holds 5% of the voting rights and 10% of the economic equity; Hillhouse's HH OAG Holdings HK holds 2.4% of the voting rights and 4.9 % economic rights.
Internet celebrity brand Allbirds will also be listed on Nasdaq in the United States next week, with a valuation that may reach 2 billion US dollars.
In fact, there are not only many newcomers in the field of sports shoes, but also the yoga brand lululemon. The leisure trend is rapidly rising in the market and will shine in the 2020 epidemic.
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