On Running's IPO Was Off to the Races, but Is the Stock a Smart Buy?

Swiss shoemaker On Holdings (NYSE: ONON) -- better known by the global running enthusiast community as On Running -- recently made its public debut with a warm investor reception. In fact, the stock paced a 46% surge during the IPO before initial public trading, and as of this writing on September 27, shares have been up as much as 17% since then to nearly $41. The company has a market cap of over $11 billion based on a share price of just over $35.

As you might have guessed from the investor response to the IPO, On Running is a growth company. But is it a smart buy after getting off to such a hot start?

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Source Fool.com