BUSINESS NEWS | Federer – Backed Sports Shoe Maker On Preparing For IPO, Swiss Paper Says

PRAGUE, CZECH REPUBLIC – SEPTEMBER 23: Roger Federer and Rafael Nadal of Team Europe react during there doubles match against Jack Sock and Sam Querrey of Team World on Day 2 of the Laver Cup on September 23, 2017 in Prague, Czech Republic. The Laver Cup consists of six European players competing against their counterparts from the rest of the World. Europe will be captained by Bjorn Borg and John McEnroe will captain the Rest of the World team. The event runs from 22-24 September. (Photo by Julian Finney/Getty Images for Laver Cup)

VIENNA – Swiss sports shoe maker On, partly owned by tennis champion Roger Federer, is in the early stages of preparing for a stock exchange listing in summer or autumn of next year, newspaper NZZ am Sonntag reported.

The Zurich – based company, founded 10 years ago, says it has  special sole technology that is soft on impact and firm on the rebound, and it has been growing fast. It announced in November that Federer was ‘co-owner’. He has also helped advertise the brand and it has named a limited-edition sneaker after him.

On values itself at almost 2 billion francs ($2.1 billion), NZZ said, based on companies registry data showing that when the firm carried out a capital increase in February its share price was 8,884 francs and roughly 217,000 are in issue.

The company has made the first preparation for an IPO and they are still ‘at an early stage’, NZZ said, citing several independent but anonymous sources.

On was not immediately available for comment. NZZ said the company and Federed decline to comment for its article.


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