Tuesday 24 August 2021 10:21 am

Roger Federer-backed shoemaker files IPO in US

On, a shoemaking company backed by tennis star Roger Federer, has filed for an initial public offering in New York, according to widespread reports.

The Swiss shoemaker was, according to reports, valued at around $2bn after its last funding round. According to Reuters, On could pursue a valuation between $4bn to $6bn in its IPO.

Net sales of the company, which also sells apparel, rose by 85 per cent in the first half of this year.

The shoemaking business swung from a loss of 33.1m Swiss francs in the first half of 2020 to profits this year with net income at 3.8m Swiss francs.

On sells sports shoes and clothing in 50 markets and boasts Roger Federer, 20-time Grand Slam tennis champion among its investors. The sports star even has an On footwear collection named after him.

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.

A US venture capital firm, Stripes, currently owns 12 per cent of On ordinary shares.