Consumer IPO Rush Led by Federer’s On Running and Dutch Bros

(Bloomberg) — On Holding AG, the owner of high-performance shoemaker On Running, and its existing shareholders filed on Tuesday to raise as much as $622 million in one of the first initial public offerings to take advantage of the post-Labor Day listings window. 

The shoe brand, which counts tennis legend Roger Federer among investors, would have a market value of more than $6 billion in the listing based on the outstanding shares listed in its filing with the U.S. Securities and Exchange Commission

Dutch Bros Inc., the coffee chain backed by consumer-focused private equity firm TSG Consumer Partners, also launched its IPO Tuesday, filing to raise as much as $421 million in its listing. The company plans to sell 21.05 million shares for $18 to $20 apiece, according to its prospectus. 

Online betting site Sportradar Group AG joined the two brands in setting terms for its listing on Tuesday. The Switzerland-based company plans to sell 19 million shares for $25 to $28 each.

The companies are set to be among the first major listings to tap the capital markets after the U.S. Labor Day weekend, typically marking the resumption of market activity after the August vacation slowdown.

Also on Tuesday, First Watch Restaurant Group Inc. made its initial filing for an IPO and listed the size of the offering as $100 million, a placeholder that will change later when terms of the share sale are set.

Consumer companies including yogurt maker Chobani LLC, eyewear company Warby Parker Inc. and shoemaker Allbirds Inc. are expected to go public by the end of the year.

Turing Holding Co., the parent of technology consulting firm Thoughtworks, set terms on Tuesday for its share sale, too. Adding to listings by technology-related companies — a high-performing category since the start of the coronavirus pandemic, Turing is seeking to raise as much as $737 million in its IPO.

Singapore-based customer-experience platform TDCX Inc. filed Tuesday for an IPO, listing a placeholder of $400 million.

Federer’s Shoe

Zurich-based On Running plans to market about 31 million shares for $18 to $20 each. Federer became a shareholder of On in 2019, and last year the company unveiled a shoe named after him that he helped design.

Dutch Bros is based in Grants Pass, Oregon, where it was founded in 1992. Dutch Bros now operates more than 470 cafes in 11 states, with its same-shop sales figures having grown 2% in 2020 through the pandemic, according to the prospectus.

Travis Boersma, co-founder and executive chairman of Dutch Bros, will have about 74% of the shareholder voting power after the listing through his ownership of Class B stock, which carries 10 votes per share. 

TSG will own Class A shares, which come with one vote each, and Class C and D shares, which have three shares each. 

The IPO proceeds will be used to buy back stocks from existing shareholders as well as pay down debt, according to the filing. 

Bankers’ Feast

The post-Labor Day IPO window, which typically lasts until the U.S. Thanksgiving holiday in November, will be an important time for investment banks to rack up fees ahead of the next employee bonus season. 

Dutch Bros’ offering is being led by Bank of America Corp., JPMorgan Chase & Co. and Jefferies Financial Group Inc. It will be listed on the New York Stock Exchange under the symbol BROS. 

Goldman Sachs Group Inc., Morgan Stanley and JPMorgan are leading On Running’s IPO. It will also be listed on the New York Stock Exchange under the symbol ONON. Goldman and JPMorgan are also leading the IPO for Turing, which will become Thoughtworks Holding Inc. after becoming public and trade on the Nasdaq Global Select Market under the symbol TWKS.


(Updates with Sportradar filing in fourth paragraph. The possible market value of On Running was corrected in an earlier version of this story.)

More stories like this are available on

©2021 Bloomberg L.P.

Close Bitnami banner