Federer-backed shoemaker aims for $6bn valuation from New York float
A shoemaking company backed by Swiss tennis star Roger Federer is aiming for a valuation of more than $6bn in its upcoming US float.
The company, known as On, filed for an initial public offering (IPO) in the States in late August, after its net sales jumped by 85 per cent in the first half of this year.
The shoemaker, which Federer invested in back in 2019, has tabled plans to sell 31.1m shares in the IPO, priced between $18 and $20 per share.
The listing could raise as much as $622m for the company, if it achieves the top end of the price range.
On’s existing shareholders are offering some 5.66m shares in the float, which the company will not receive any sale proceeds from.
The company, founded in 2010, was the brainchild of three friends including another sports champion, Olivier Bernhard who is a three-time world duathlon champion.
Goldman Sachs, Morgan Stanley and J.P. Morgan are among the underwriters for the offering.
The float, destined for the New York Stock Exchange sometime this year, will be listed under the ticker symbol “ONON.”