On, the Swiss maker of running shoes sported by America’s First Lady, is headed for a New York stock-market debut. While Roger Federer is a backer of the firm, it will need to keep up a frenetic pace to obtain a $6 billion valuation, KarenKKwok says.
On, a Swiss sneaker maker backed by tennis star Roger Federer, on Aug. 23 filed for an initial public offering in the United States. The company reported that net sales had jumped 85% in the six months that ended June 30.
Zurich-based On is eyeing a $6 billion to $8 billion valuation, Swiss magazine Bilanz reported on Aug. 20, citing people familiar with the matter. It was valued at nearly $2 billion after its last funding round, Reuters reported in April. Federer, winner of 20 Grand Slam men’s single titles, invested in On in 2019, according to the IPO filing.Source: Peter van den Berg-USA TODAY Sports/File Photo
Roger Federer plays against Hubert Hurkacz in the quarter finals at All England Lawn Tennis and Croquet Club, London, United Kingdom, July 7, 2021.
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