Federer-backed shoemaker On aims for over $12 billion valuation in U.S. IPO By Reuters

© Reuters. FILE PHOTO: Jul 7, 2021; London, United Kingdom; Roger Federer (SUI) plays against Hubert Hurkacz (POL) in the quarter finals at All England Lawn Tennis and Croquet Club. Mandatory Credit: Peter van den Berg-USA TODAY Sports/File Photo

(Reuters) – On Holding AG, a shoe firm backed by Swiss tennis star Roger Federer, is targeting a valuation of more than $12.33 billion in a U.S. initial public offering (IPO), a regulatory filing https://www.sec.gov/Archives/edgar/data/1858985/000119312521265974/d175570df1a.htm 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://www.reuters.com/legal/transactional/federer-backed-shoe-firm-running-targets-autumn-ipo-sources-2021-05-28 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 (NYSE:), Morgan Stanley (NYSE:) 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.”

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