Roger Federer-Backed Sneaker Company Shoots Up Over 46% On NYSE Debut

Tennis legend Roger Federer-backed On Holding AG (NYSE: ONON) saw its share soar almost 46% in Wednesday’s trading after it made its debut on the NYSE.

What Happened: The Switzerland-based company is now valued at nearly $11 billion at the end of the trading day.

The running shoemaker sold 31.1 million shares in the initial public offering and raised $746.6 million.

On Holding shares closed 45.83% higher at $35 on Wednesday in the regular session and rose 1.17% higher to $35.41 in the after-hours session.

Why It Matters: On Holding, founded by running enthusiasts Olivier Bernhard, David Allemann, and Caspar Coppetti is backed by Federer who invested an undisclosed amount in the company in 2019, reported BBC.

Federer teamed up with On Holding earlier to develop the Roger Pro tennis shoe and has worn a pair at recent tournaments including Wimbledon, as per BBC.

See Also: If You Invested $1,000 In Nike Stock When Air Jordan Shoes Were Released, Here's How Much You'd Have Now

On Holding also makes a pair of 100% recyclable running shoes dubbed “Cyclon” which are manufactured using castor beans.

The Swiss company is being listed at a time when sports shoes are increasingly popular and the Tokyo Olympics have just concluded giving competitors like Nike Inc (NYSE: NKE) a big boost. 

Photo: Courtesy of On