Deals & Cases
Lenz & Staehelin advised On Holding AG on its IPO at NYSE
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.
Lenz & Staehelin advised On Holding AG as issuer's counsel. The team was led by partners Stephan Erni 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).