Federer-backed shoemaker On aims for over $6 billion valuation in U.S. IPO
Reuters
Published Sep 07, 2021 07:43AM ET
Updated Sep 07, 2021 10:36AM ET
(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"
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.