On, the sportswear brand from Switzerland, has filed for an initial public offering, or IPO, in New York under the symbol ONON.
While confirming the same, the brand said that it has publicly filed for a registration statement on Form F-1 with the US Securities and Exchange Commission.
Notably, the number of shares as well as price has not been determined as yet.
The brand also said that the first six months of 2021 saw it net sales shoot up by a massive 85 per cent, with a turnover of £252.1 million.
Also, adjusted EBITDA, during the first 6 months, rose by 16 per cent from £12.78 million to £37.79 million.
Reportedly, the brand could seek a valuation of between £2.91 million and £4.36 million in its IPO.
Found in 2010, the brand is today present in over 60 countries across the globe and is majorly known for its apparels, premium footwear and accessories.
On is the latest amongst several fashion brands to have filed IPO this year – some others being maternity wear brand Seraphine, plus size apparel retailer Torrid and Authentic Brands Group amongst others.
Also Read: Authentic Brands Group files IPO as it eyes expansion
