On Holding AG’s Initial Public Offering at NYSE

Lenz & Staehelin advised On Holding AG on the deal. Homburger advised the underwriters.

On Holding AG, a Swiss-based athletic shoe and performance sportswear company, successfully completed its initial public offering (IPO) on the NYSE, consisting of an offering of 31,100,000 Class A ordinary shares, of which 25,442,391 were offered by On Holding AG and 5,657,609 were offered by the selling shareholders, and an over-allotment option granted to the underwriters of an additional up to 4,665,000 Class A ordinary shares (which was exercised in full on September 15, 2021).

The issuance price was USD 24 per Class A ordinary share. Trading of the shares on NYSE commenced on September 15, 2021 under the ticker symbol “ONON”, and the IPO was settled on September 17, 2021.

Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, Allen & Company LLC, UBS Securities LLC, Credit Suisse Securities (USA) LLC, Robert W. Baird & Co. Incorporated, Stifel, Nicolaus & Company, Incorporated and Telsey Advisory Group LLC acted as underwriters in connection with On Holding AG’s IPO.

The Lenz & Staehelin team was led by partners Stephan Erni (Picture) and Patrick Schleiffer and included associates Patrick Schärli and Nicole Humbel (all Capital Markets / Corporate), partner Heini Rüdisühli and counsel Franziska Stadtherr (both Tax) and partner Jürg Simon (IP).

The Homburger team was led by partner Dieter Gericke and included associates Lorenzo Togni, Karin Mattle and Francesco Bernasconi (all Capital Markets; Corporate / M&A). Partner Stefan Oesterhelt provided tax advice.

Involved fees earner: Francesco Bernasconi – Homburger; Dieter Gericke – Homburger; Karin Mattle – Homburger; Stefan Oesterhelt – Homburger; Lorenzo Togni – Homburger; Stephan Erni – Lenz & Staehelin; Nicole Humbel – Lenz & Staehelin; Heini Rüdisühli – Lenz & Staehelin; Patrick Schärli – Lenz & Staehelin; Patrick Schleiffer – Lenz & Staehelin; Jürg Simon – Lenz & Staehelin; Franziska Stadtherr-Glättli – Lenz & Staehelin;

Law Firms: Homburger; Lenz & Staehelin;

Clients: Allen & Company LLC; Credit Suisse Securities (USA) LLC; Goldman Sachs & Co.; JP Morgan Securities; Morgan Stanley; On AG; Robert W. Baird & Co.; Stifel, Nicolaus & Company, Incorporated; Telsey Advisory Group LLC; UBS Securities LLC;

Author: Federica Tiefenthaler