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Federer-backed Swiss shoe company eyes an IPO

[ZURICH] Swiss sports shoe company On is preparing for an initial public offering that could be held next year, NZZ am Sonntag reported, without saying where it obtained the information.

The company may be worth almost 2 billion Swiss francs (S$2.93 billion), using the most recent information available on the commercial register as a basis for the calculation, the newspaper said. Zurich-based On's IPO preparations are at an early stage and the deal may proceed in the summer or autumn of 2021, it added. On's media representatives declined to comment, NZZ am Sonntag said.

On, founded in January 2010, has some 7 million clients in more than 50 countries around the world, according to its website. Its running shoes are available in more than 6,500 shops globally and the company also has offices in the US, Vietnam, Japan, Australia, Brazil and China.

The company has an ambitious growth plan and is counting on Swiss tennis star Roger Federer, a minority shareholder, to help boost its visibility, NZZ am Sonntag said. Federer has been collaborating closely with On, including on the development of new products, and the company has created a new tennis-inspired sneaker named "The Roger," according to its website.

On's press team didn't immediately respond to a Bloomberg email for comment on Sunday.

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The number of European IPOs sunk this year, amid the fallout from the novel coronavirus pandemic. Still, there's been a wave of equity fundraisings as scores of companies rushed to secure cash to deal with the health crisis.

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