On sprints to the New York Stock Exchange
Running shoe manufacturer On Holding got off to a flying start on the New York Stock Exchange. Shares in the Swiss company climbed by around 48 per cent to 35.4 dollars at the start of trading on Wednesday. Overall, the stock exchange thus values the company, in which tennis star Roger Federer also holds a stake, at around 11.4 billion dollars. The Zurich-based company had previously placed 31.1 million Class A shares at 24 dollars, which was more expensive than planned. Initially, an issue price of 18 to 20 dollars had been targeted.
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Manufacturers of running shoes experienced a boom in demand during the coronavirus pandemic. Many people turned to run as an alternative when gyms closed and team sports were banned. On was founded in the year 2010 by former top triathlete Olivier Bernhard and running enthusiasts David Allemann and Caspar Coppetti. Thanks to the cushioning technology they developed, you are supposed to “run on clouds” in the On running shoes with the distinctive sole. Federer, a 20-time Grand Slam winner, joined the company in 2019 and collaborated on developing a tennis shoe. On was the supplier to the Swiss Olympic team this year.
Sales at On, which also offers sportswear and accessories, shot up 59 per cent to 425.3 million Swiss francs last year, while adjusted operating profit (Ebitda) rose 67 per cent to 49.8 million Swiss francs. In the first six months of this year, the trendy brand achieved sales revenues of 315.5 million francs and an Ebitda of 47.3 million francs.
The leap to the New York Stock Exchange flushed 746.4 million dollars into the sports outfitter’s coffers. Goldman Sachs, Morgan Stanley and JPMorgan led the On IPO. UBS, Credit Suisse and other banks were also on board.
The sports data provider Sportradar, another Swiss company, went public in the USA on Tuesday. However, its debut on the NASDAQ technology exchange was bumpy: the share price at the close of trading was 25.05 dollars, below the issue price of 27 dollars. On Wednesday, they picked up a little. Sportradar supplies data on sporting events to betting providers and media companies, among others.
Several new entries are also emerging on the Swiss stock exchange.
Weak stock market debut for Vitesco
The German leading index DAX had 31 members on the price board for one day today. Continental’s spun-off drive technology subsidiary Vitesco temporarily became a member of the leading index. The first price of the stock market newcomer was 59.80 euros. At the end of the first trading day, the share was at 58.90 euros.
Conti shareholders each received one Vitesco share for five Continental shares. The drive technology manufacturer Vitesco was valued at 2.4 billion euros. The market capitalisation of the parent company fell to 19 billion euros as a result of the spin-off. On balance, the measure was a bad deal for investors. Adjusted, the shares of the automotive supplier Continental were down 5.7 per cent.
Picnic raises 600 million euros
Food delivery service Picnic has raised 600 million euros from investors to drive its growth, particularly in Germany and France.
Founded in the Netherlands in 2015, the online grocer has grown by leaps and bounds in the Corona pandemic and aims to generate sales of around one billion euros this year. Using self-developed electric vehicles, Picnic delivers all the food ordered in a quarter at once at a set time, like a modern milkman. This saves trips and costs, the delivery service emphasises.
In the meantime, the Picnic offer is available in more than 200 cities in the Netherlands, Germany and France, according to the press release. The picnic also claims to contribute to the avoidance of food waste with its system.
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