As it turns out, ForgeRock’s market debut wasn’t the only beefy IPO today. 💪 💪 The market rolled out the red carpet for two other IPOs.
On Holding popped 48% from its IPO price. The stock was priced above its expected range, at $24. By the end of the day, it was worth $37.49. That translates to a valuation of just over $7 billion. The Swiss athletic company makes running and trail running shoes. It was battered by the pandemic, but caught some big tailwinds coming out of the pandemic. 👟 🏃♀️
One of these tailwinds was a huge endorsement. Tennis star Roger Federer released a personalized collection of shoes with the company in June. The other tailwind was the reopening of the economy, which pushed On back into profitability after a down year. The company made $4.79 billion in the twelve months ending June 30, 2021. You can read $ONON‘s F-1 here.
On and ForgeRock were followed by Dutch Bros, but the drink shop’s double-digit gains shouldn’t be understated. The Oregon-based coffee chain popped in its first day of trading, marking the success of Oregon’s biggest IPO ever. The company initially priced shares at $20, the high end of the scale. At the end of the day, $BROS traded at $48.65, up 30%. 😋
Like On, $BROS suffered a pandemic slump. The company made $404.5 million in revenue in the twelve months ending June 30. The company now has over 470 stores across the Western U.S. At the close of trading today, the company was valued at $5.6 billion.
IPOs today went 3/3. We’ll see if upcoming IPOs (i.e: AllBirds) find the same footing. 😉