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Federer-backed sneaker brand On aims to raise up to $622M in IPO

Roger Federer-backed sneaker company On is "sprinting to the public markets with an IPO that could raise as much as $622 million," according to Lisa Fickenscher of the N.Y. POST. Federer became an investor in the 11-year-old company in '19, which "helped to fuel its meteoric rise." The company in a filing said that a $200 shoe named Roger will "likely be accompanied by a 'tennis sneaker family.'" The brand that bills itself as "environmentally friendly" recently introduced "a line of recyclable shoes that are available by subscription only -- and it has plans to introduce apparel and other accessories, according to the filing." On will be listed on the NYSE as ONON, with an initial public offering price "between $18 and $20 per share, which would value the company at up to $5.5 billion" (N.Y. POST, 9/8).

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