A Swiss sports-shoe maker backed by tennis great Roger Federer is preparing for a U.S. initial public offering as early as the fall, Reuters reported, citing unidentified people close to the matter.
On AG is working with JPMorgan Chase & Co., Goldman Sachs Group Inc. and Morgan Stanley on the deal, which could value the firm at $4 billion to $6 billion, Reuters said. The company is expected to announce the offering in September or October, according to the report.
A spokeswoman for the company declined to comment on potential IPO plans, while adding that business has progressed very successfully in spite of Covid-19 as the need for people to be active in fresh air is increasing after months of restrictions.
Founded in 2010, On touts a proprietary cushioning technology as its selling point. Its running shoes have hollow tube-like attachments made of rubber or foam on the outsoles that promise runners a soft landing, while locking firm when taking off — a patented technology called Cloudtec. Federer became a shareholder of the Zurich-based company in 2019, and last year unveiled a shoe he helped design. “The Roger” is an all-white tennis-inspired sneaker made with faux leather and Cloudtec instead of rubber soles.