Federer-Backed Shoemaker Said to Eye IPO at $5 Billion Valuation

On AG, the Swiss sports-shoe maker backed by tennis great Roger Federer, has started preparations for an initial public offering that could value the business at about $5 billion, people with knowledge of the matter said…

The Zurich-based company plans to list as soon as the autumn, according to the people, who asked not to be identified because the information is private. On is working with banks including Goldman Sachs Group Inc., Morgan Stanley and JPMorgan Chase & Co., the people said.

On is considering listing in the U.S., the people said. No final decisions have been made, and details of the potential transaction could change, they said.

A spokeswoman for the company declined to comment on any IPO plans, while adding that business has progressed very successfully in spite of Covid-19 as the need for people to be active in fresh air is increasing after months of restrictions. Representatives for the banks declined to comment. Reuters reported details of the potential listing earlier Friday, citing unidentified people.

Founded in 2010, On touts a proprietary cushioning technology as its selling point. Its running shoes have hollow tube-like attachments made of rubber or foam on the outsoles that promise runners a soft landing, while locking firm when taking off — a patented technology called Cloudtec.

Federer became a shareholder of On in…

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