Federer-backed shoemaker On aims for over $6 billion valuation in U.S. IPO

September 7, 2021

(Corrects valuation to “over $6 bln” from “over $12 bln” in headline and paragraph 1)

(Reuters) – 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 https://ift.tt/3BMEd5d 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 https://ift.tt/3y5LKtv 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.”

(Corrects valuation to “over $6 bln” from “over $12 bln” in headline and paragraph 1)

(Reporting by Sohini Podder in Bengaluru; Editing by Krishna Chandra Eluri and Aditya Soni)

Source Link Federer-backed shoemaker On aims for over $6 billion valuation in U.S. IPO