The Swiss running brand backed by tennis champion Roger Federer, On, is preparing to go public.
The number of shares to be offered and the price range for the proposed offering have not yet been determined. On has applied to list its common stock on the New York Stock Exchange under the symbol “ONON”.
Goldman Sachs & Co. LLC, Morgan Stanley, and J.P. Morgan are acting as joint lead book-running managers for the proposed offering, with Allen & Company LLC, UBS Investment Bank, and Credit Suisse acting as joint book-running managers.
Based in Zurich, the 11-year-old brand has taken the athletic footwear market by storm. Driven by peer recommendation, runners are discovering the performance and feel of On running shoes and its unique patented “Cloud” technology. As a result, On is attracting the fastest-growing global fan community and has joined the ranks of the leading brands in the U.S., Europe, and Japan.
In December 2019, Swiss pro tennis player Roger Federer joined On’s founders as a true partner and investor in the company.
On is present in more than 60 countries globally and engages with a digital community on on-running.com.