Federer-Backed Shoemaker ‘On’ Aims for Over $6 Billion Valuation in US IPO

By Reuters
September 7, 2021 Updated: September 7, 2021

On Holding AG, a shoe firm backed by Swiss tennis star Roger Federer, is targeting a valuation of more than $6 billion in a U.S. initial public offering (IPO), a regulatory filing showed on Tuesday.

The company plans to sell 31.1 million shares in the IPO, priced between $18 and $20 per share. It would raise $622 million at the top end of the price range.

Reuters had reported 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.

The Zurich-based company was founded in 2010 by Olivier Bernhard, David Allemann, and Caspar Coppetti. Federer invested in the company in 2019, according to the filing.

Goldman Sachs & Co, Morgan Stanley, 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.”

By Sohini Podder