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- A Swiss shoemaker backed by Roger Federer plans to go public in New York.
- On Holdings could seek a valuation between $6 billion and $8 billion, Reuters reported.
- The company plans to list its shares on the New York Stock Exchange under the ticker "ONON."
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Swiss shoemaker On Holdings, backed by tennis star Roger Federer, has filed to go public in New York, according to a Securities and Exchange Commission filing this week.
In its F1-filing, the Zurich-based company listed the size of its offering as $100 million. Companies usually use placeholder figures in their IPO filings until a price range is set. On said it hasn't yet set terms for its offering.
The footwear firm plans to list on the New York Stock Exchange under the ticker symbol "ONON."
On, which saw its online shoe sales jump 200% during the pandemic, could seek a public valuation of $6 billion to $8 billion, Reuters reported, citing sources. The company was reportedly valued at about $2 billion in its last funding round.
Federer inspired On's "The Roger" shoe franchise, the filing said. The shoes, which sell for about $200 a pair, were developed after the 20-times Grand Slam champion joined as a co-entrepreneur and investor in 2019. It's unclear how much Federer has invested in On.
US venture capital firm Stripes holds a 12.4% stake in the company, while Alex Perez's Point Break Capital holds a 25.4% stake, according to the filing. Asian private equity firm Hillhouse holds a stake worth 6.1%.
On - founded in January 2010 by Olivier Bernhard, David Allemann, and Caspar Coppetti - has evolved into one of the world's fastest-growing maker of running shoes. Its cushioned-landing support has helped it become a sought-after brand, according to Bloomberg.
The company's products are stocked in about 1,800 global retailers, and it opened a flagship retail store in New York City in 2020.
The shoemaker revealed its net sales spiked by 85% to 316 million Swiss francs ($345 million) in the six months to June 30. Net income came in at 3.8 million Swiss francs ($4.2 million), a better performance compared to last year's loss of 33.1 million Swiss francs ($36.2 million).
Goldman Sachs, Morgan Stanley, JPMorgan, UBS, and Credit Suisse are among the underwriters for the IPO.