The running footwear company intends to sell a total of 25,442,391 Class A common shares for $18 to $20 per share, raising total proceeds of $483.4 million at the midpoint, with insiders adding another 5,657,609 shares to the pot. On and the selling shareholders are offering an overallotment of 3,815,734 and 849,266 additional shares, respectively, if demand warrants it. Assuming the full overallotment is subscribed, the total float will be 274,998,125 shares, putting On’s valuation at about $5.2 billion. The company has applied to list its Class A shares on the NYSE under the symbol ONON.
Interestingly, the non-executive shareholders, who ... Log in to view full article.