Shares of Roger Federer-backed On Holding AG jumped more than 47% in their debut on the New York Stock Exchange on Wednesday, valuing the shoemaker at about $11.35 billion.
Shoe model "The Roger" by ON , a shoemaker backed by Swiss tennis player Roger Federer, is pictured in the Swiss Sport Style shop ahead of the Initial Public Offering , in Lausanne, Switzerland, September 14, 2021. REUTERS/Denis Balibousejumped more than 47% in their debut on the New York Stock Exchange on Wednesday, valuing the shoemaker at about $11.35 billion.
The company sold 31.1 million shares in its initial public offering priced at $24, well above its $20 to $22 target price range, raising $746.4 million. Its stock opened at $35.40. The 20-times Grand Slam winner teamed up with the company earlier this year to develop the Roger Pro tennis shoe.
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