Roger Federer plays against Hubert Hurkacz in the quarter finals at All England Lawn Tennis and Croquet Club in London on July 7.USA TODAY USPW/USA TODAY Sports via 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 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 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, Morgan Stanley 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.”
Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.