On (ONON) Launches 31M Share IPO between $18-$22/sh

Swiss performance sportswear brand On (NYSE: ONON) announced today the launch of its initial public offering of 31,100,000 Class A ordinary shares. On is offering 25,442,391 Class A ordinary shares and certain selling shareholders are offering 5,657,609 Class A ordinary shares. In connection with the offering, On and the selling shareholders have granted the underwriters a 30-day option to purchase up to an additional 4,665,000 Class A ordinary shares to cover over-allotments. The initial public offering price is currently expected to be between $18.00 and $20.00 per share. On has applied to list its Class A ordinary shares on the New York Stock Exchange under the symbol "ONON."

Goldman Sachs & Co. LLC, Morgan Stanley and J.P. Morgan are acting as joint lead book-running managers for the proposed offering, with Allen & Company LLC, UBS Investment Bank, and Credit Suisse are acting as joint book-running managers. Baird, Stifel and Telsey Advisory Group will act as co-managers for the proposed offering.

The proposed offering will be made only by means of a prospectus. Copies of the preliminary prospectus relating to the proposed offering, when available, may be obtained from Goldman Sachs & Co. LLC, Attn: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at 866-471-2526 or by email at [email protected]; Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 866-803-9204 or by email at [email protected].

A registration statement on Form F-1 relating to the proposed offering has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective.

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