Diane Dichinux
According to informed sources, Swiss running shoe company On Running is aiming for an initial public offering (IPO) in the USA. Several people familiar with the matter told the Reuters news agency that a jump on the trading floor could happen in the fall and the company is valued at around $ 5 billion. Among other things, tennis star Roger Federer made the company famous.
The report said On Running is working with JP Morgan, Goldman Sachs and Morgan Stanley on an initial public offering (IPO). Credit Suisse and other banks have also joined. The stock exchange plans are expected to become official in September or October and the company will be valued at between four and six billion dollars.
Federer shoe expert: “You only sell a few hundred francs.”(03:10)
Banks and on silence
Running shoe manufacturers saw a spike in sales during the coronavirus pandemic. Many people switched to running when gyms closed and group sporting activities banned. According to media reports, the company’s online shoe sales rose by more than 200 percent during the COVID-19 pandemic.
A company spokeswoman said: “Last year he was calling On due to the Corona pandemic, but he is very successful.” “All over the world, people are increasingly in need of outdoor activity.” She did not want to comment on stock market plans. The banks also declined to comment.
Roger Federer tennis shoes
Founded in 2010 by Olivier Bernhard, former top athlete and running enthusiast David Allemann and Caspar Cubetti, On Running claims to be one of the fastest growing global footwear brands. The company’s shoes and sportswear are available at 6,500 retailers in 50 countries. Tennis star Roger Federer joined in 2019 and developed a tennis shoe.
A supporter of On Running is venture capital firm Stripes. In the most recent round of financing, On Run was worth nearly $ 2 billion, according to insiders. (NIM / SDA)
Publish date: 04/30/2021 at 2:58 pm
Last update: April 30, 2021, 3:39 pm
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