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Federer-backed shoemaker On aims for over $6 billion valuation in U.S. IPO

Stock MarketsSep 07, 2021 10:36AM ET
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© Reuters. FILE PHOTO: Jul 7, 2021; London, United Kingdom; Roger Federer (SUI) plays against Hubert Hurkacz (POL) in the quarter finals at All England Lawn Tennis and Croquet Club. Mandatory Credit: Peter van den Berg-USA TODAY Sports/File Photo

(Reuters) - On Holding AG, a shoemaker backed by Swiss tennis star Roger Federer, is eyeing a valuation of more than $6 billion in a U.S. initial public offering (IPO), a regulatory filing https://www.sec.gov/Archives/edgar/data/1858985/000119312521265974/d175570df1a.htm showed on Tuesday.

The IPO comes at a time when athletic gear, especially shoes, has been flying off the shelves at most retailers as COVID-induced gym closures push more people to take up running to keep themselves fit.

On was founded in 2010 by running enthusiasts Olivier Bernhard, David Allemann and Caspar Coppetti, with Federer investing an undisclosed sum in the company in 2019.

The 20-times Grand Slam winner teamed up with the company earlier this year to develop the Roger Pro tennis shoe.

On also makes a 100% recyclable brand of running shoes, called Cyclon, made from castor beans. The shoes are available only on a subscription basis and have to be returned to the company for new ones once they wear out.

The company, which is aiming to raise $622 million in the IPO, counts North America as its largest market, accounting for nearly 49% of its total sales, followed closely by Europe.

Reuters had reported https://www.reuters.com/legal/transactional/federer-backed-shoe-firm-running-targets-autumn-ipo-sources-2021-05-28 in April that the shoemaker was targeting a listing in autumn that could fetch it a valuation of between $4 billion and $6 billion.

On's existing shareholders are offering around 5.66 million shares in the IPO. The company will not get any proceeds from the sale of those shares.

Goldman Sachs & Co (NYSE:GS), Morgan Stanley (NYSE:MS) and J.P. Morgan are among the underwriters for the offering. On plans to list on the New York Stock Exchange under the symbol "ONON"

Federer-backed shoemaker On aims for over $6 billion valuation in U.S. IPO
 

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Comments (2)
Ernie Keebler
Ernie Keebler Sep 07, 2021 9:20AM ET
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Yes let's make more people super rich by supporting over priced $100+ sneakers and $200+ running shoes.  Show me a good work boot.
George AlvarezCorrea
George AlvarezCorrea Sep 07, 2021 8:49AM ET
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Roger, please concentrate all tour efforts on winning a 21st grand slam!
 
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