On Holding AG
ONON,
+52.46%

debuted to cheers on the NYSE Wednesday, as the Switzerland-based athletic-footwear company’s stock opened 47.5% above the initial-public-offering price. The company, which has a cooperation agreement with tennis star Roger Federer, had said overnight that its offering of 31.1 million shares, of which 25.4 million shares were sold by the company, priced at $24 a share, above the expected range, which was recently boosted to between $20 and $22 a share from between $18 and $20 a share, as the company raised $610.6 million. The stock’s first trade was at $35.40 at 1:24 p.m. Eastern time for 2.8 million shares. The stock has since added to gains, to trade up 47.9% at $35.56, for a market market capitalization of $12.3 billion. The company went public on a day that the Renaissance IPO ETF
IPO,
+0.36%

was up 0.2% in afternoon trading while the S&P 500
SPX,
+0.84%

had gained 0.8%.

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