Swiss running shoemaker On Holding AG, whose proprietary cushioning technology has attracted Roger Federer as an investor, plans to raise as much as $622 million in an initial public offering in New York.
On has become one of the world’s fastest-growing running-shoe brands since it was founded a decade ago. The pandemic gave the label a boost as well, thanks to a lockdown-inspired boom in the running, outdoor and casual clothing sectors. The shoes, known for their distinctive tubular cushions on the sole, have garnered somewhat of a cult following.
The shares will trade under the NYSE listing symbol “ONON.” The company is selling 25.4 million shares, while existing shareholders are selling 5.7 million.
The company’s investors include Stripes, the growth investment firm founded by Ken Fox, and former 3G Capital dealmaker Alex Perez’s Point Break Capital, according to the filing. Asian private equity firm Hillhouse also owns a stake.
Federer became a shareholder of On in 2019, and last year the company unveiled a shoe he helped design and that’s named after him, which sells for about $200. He’s thought to have invested some 50 million francs, Handelszeitung reported in February.
Goldman Sachs Group Inc., Morgan Stanley, JPMorgan Chase & Co., Allen & Co. LLC, UBS Group AG and Credit Suisse Group AG are arranging the offering.