We advised On Holding on its IPO and NYSE listing

Davis Polk advised On Holding AG on its SEC-registered initial public offering of 35,765,000 Class A ordinary shares, including the full exercise of the underwriters’ option to purchase an additional 4,665,000 Class A ordinary shares for total gross proceeds of $858.4 million. The offering consisted of 29,258,125 Class A ordinary shares issued and sold by On, and 6,506,875 Class A ordinary shares sold by the selling shareholders. On is listed on the New York Stock Exchange under the ticker symbol “ONON.”

On was born in the Swiss Alps with one goal: to revolutionize the sensation of running by empowering all to run on clouds. Eleven years after market launch, On delivers industry-disrupting innovation in premium footwear, apparel and accessories for high-performance running, outdoor and all-day activities. Fueled by customer-recommendation, On’s award-winning CloudTec innovation, purposeful design and groundbreaking strides in sportswear’s circular economy have attracted a fast-growing global fanbase — inspiring humans to explore, discover and dream on.

The Davis Polk capital markets team included partners Deanna L. Kirkpatrick, Michael Kaplan and Yasin Keshvargar and associates Stephen A. Byeff, Moses Farzan Nekou, Michael Stromquist and Chad Howard. Partner Frank J. Azzopardi provided intellectual property advice. Partner Adam Kaminsky provided executive compensation advice. Partner Michael Mollerus provided tax advice. Members of the Davis Polk team are based in the New York and Washington DC offices.