Swiss shoemaker On Holding AG, which is backed by tennis star Roger Federer, is eyeing a valuation of more than $6 billion for its U.S. initial public offering (IPO), showed a regulatory filing.
The IPO comes at a time when athletic equipment, including shoes, have been seeing strong sales at most retailers with the COVID-19 pandemic, which resulted in the closure of gyms, pushing more people to take up running to keep themselves fit.
Founded in 2010 by Olivier Bernhard, David Allemann and Caspar Coppetti, Federer invested an undisclosed sum in the company in 2019.
Federer, a 20-times Grand Slam winner, teamed up with the company earlier this year to develop the Roger Pro tennis shoe.
The company plans on making Cyclon, a 100% recyclable brand of running shoes, are made from castor beans. The shoes are only available on a subscription basis and have to be returned to the company for new ones once they are worn out.
On, which is aiming to raise $622 million in the US IPO, counts North America as its largest market, accounting for nearly 49% of its total sales, followed closely by Europe.
Earlier this year in April, the shoemaker was targeting a listing in autumn that could fetch it a valuation of between $4 billion and $6 billion.
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”