Federer-Backed Shoemaker On Holding Jumps 46% in U.S. Debut
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Swiss running shoemaker On Holding AG, whose proprietary cushioning technology has attracted tennis legend Roger Federer as an investor, climbed 46% on its first day of trading in New York.
The shares closed at $35.00 on Wednesday, after being sold for $24 apiece in the initial public offering. The Zurich-based company raised $746 million after marketing the stocks for $20 to $22.