ZURICH (Reuters) - Shoe firm ON Running, backed by Swiss tennis star Roger Federer, is preparing for a U.S. stock market listing as early as this autumn in a deal valuing the firm at about $5 billion, people close to the matter said.
Running-shoe makers have seen sales spike in the COVID-19 pandemic as people turn to running, with gyms closed and team sport activities banned.
The company is working with JP Morgan, Goldman Sachs and Morgan Stanley on the initial public offering with Credit Suisse and other banks in further roles, they said. ON is expected to officially announce the IPO in September or October, which could value the company at $4 billion-$6 billion.
ON Running declined to comment on the IPO plans.
“The past year was demanding for On due to the corona pandemic, but very successful. The need of people to be active in the fresh air is increasing worldwide”, a company spokeswoman said.
The banks declined to comment.
On Running, founded in 2010 by running enthusiasts Olivier Bernhard, David Allemann and Caspar Coppetti, says that it is one of the fastest-growing global footwear brands. Its products are available at 6,500 retailers across 50 countries.
Federer invested in ON in 2019, and earlier this year even developed a tennis shoe. U.S.-based venture capital firm Stripes is also among ON Running’s backers.
ON was valued at about $2 billion in its last funding round, people close to the matter have said.
According to media reports, On Running saw an increase of more than 200% in its online shoe sales in the pandemic.
Reporting by Arno Schuetze and Oliver Hirt; Editing by Hugh Lawson
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