Swiss-backed shoe maker Roger Federer sets $6 billion IPO

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Swiss-backed shoe maker Roger Federer sets $6 billion IPO

Reuters: On Holding AG, backed by Swiss tennis legend Roger Federer, priced its initial public offering much above the target price range on Tuesday, valuing the company at more than $6 billion.

On priced 31.1 million shares offered at $24 each, compared with a target range of $18 to $20 per share raising $746.4 million, it said in a statement.

The shoemaker was founded by running enthusiasts Olivier Bernhard, David Allemann and Caspar Coppetti in 2010 with Federer investing an undisclosed sum in the company in 2019.

The 20 - time Grand Slam winner teamed up with the company earlier this year to develop the Roger pro tennis shoe.

The IPO comes at a time when most athletic items, especially shoes, have been flying off the shelves at most retailers as COVID-induced gym closures push more people to take up running to keep themselves fit.

The largest market in the company is Europe, which accounts for nearly 49% of total sales, followed closely by North America.

Goldman Sachs Co, J.P. Morgan and Morgan Stanley are among the underwriters of the offering.