On Holding AG, a footwear company backed by Swiss tennis star Roger Federer, filed an initial public offering in the United States on Monday and revealed that its net sales jumped 85% in the six-month period ended June 30.
Federer had invested in On in 2019, according to the filing. It was not immediately clear how much he had invested in the shoe business.
The 20-time Grand Slam winner had also partnered with the company earlier this year to develop the Roger Pro tennis shoe.
U.S. venture capital firm Stripes owns 12.4% of the company’s common stock, according to the filing.
It was said that he had not yet set the terms of his offer. Sources told Reuters in April that the company could ask for a valuation of $ 4 billion to $ 6 billion when it goes public.
For the six-month period ended June 30, net sales jumped to 315.5 million Swiss francs ($ 344.01 million) from 170.9 million Swiss francs a year earlier, the company said. He also reported net income of 3.8 million Swiss francs, down from a loss of 33.1 million Swiss francs a year earlier.
Running shoe manufacturers have seen sales increase during the COVID-19 pandemic as people turn to running, with gyms closed and team sports activities banned.
We were founded in 2010 in Zurich, Switzerland, by Olivier Bernhard, David Allemann and Caspar Coppetti.
Goldman Sachs, Morgan Stanley and JPMorgan are among the underwriters of the offer. The company said it would be listed on the New York Stock Exchange under the symbol “ONON”.
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