The Swiss athletic-footwear brand’s shares popped 50% above the final offering price to above $35 per share in its first minutes of trading on the NYSE today, taking its valuation to about $9.6 billion. That slots ONON right around the market capitalization of Crocs ($9.6 bb) and Under Armour ($9.4 bb), ahead of Skechers ($7.1 bb) and more than twice that of Asics ($4.6 bb). Puma is still a significantly more valuable brand ($17.7 bb), and of course has significantly higher earnings, with a PE of 50 compared to On’s PE of over 1,300. Clearly, the market is expected a ... Log in to view full article.