Federer-Backed Swiss Shoemaker ON Running Said to Eye IPO at $5 Billion Valuation

Bloomberg announced that On AG, the Swiss sports-shoe maker backed by tennis great Roger Federer, has started preparations for an initial public offering that could value the business at about $5 billion.

The Zurich-based company plans to list as early as this fall. On is rumored to be working with multiple banks including Goldman Sachs Group Inc., Morgan Stanley and JPMorgan Chase & Co.

A spokeswoman for the company declined to comment on any 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. Representatives for the banks declined to comment. Reuters reported details of the potential listing earlier Friday, citing unidentified people.

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 On in 2019, and last year the company 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.