Roger Federer Invested 'On Holdings' Soars 46% on First Day of New York Stock Exchange Listing

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Park Byung-hee] "Tennis Emperor" Roger Federer’s investment in Swiss footwear manufacturer On Holdings saw its stock surge 46% on its first day of trading on the New York Stock Exchange, Bloomberg reported on the 15th (local time).

On Holdings’ initial public offering (IPO) price was $24, but it closed at $35 on the New York Stock Exchange that day. On Holdings raised $746 million, exceeding the expected IPO price range ($20?22), and successfully debuted on the NYSE.

Founded 10 years ago, On Holdings is currently recognized as the fastest-growing running shoe brand.

Federer became a shareholder of On Holdings in 2019 and also participated in design work. On Holdings stated that shoes designed by Federer are sold for about $200.

On Holdings plans to open a store in Tokyo, Japan next year and intends to expand stores in the United States and China as well.

On Holdings achieved a net profit of 3.8 million Swiss francs in the first half of this year, turning profitable from a loss of 33.1 million Swiss francs in the first half of last year. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) was 47.3 million Swiss francs.