Friday, August 19

Sneakers promoted by Roger Federer will go public valued at 5.500 million dollars | Companies

On, the Swiss brand specialized in sports shoes that has the tennis player Roger Federer Among its investors, it plans to go public in the New York Stock Exchange in the final stretch of 2021 with a valuation of 5.5 billion dollars, just over 4.6 billion euros at the current exchange rate, according to the brochure that the company published today in the supervisor. the US market, the SEC.

This, founded in 2010 by Olivier Bernhard, David Allemann and Caspar Coppetti, expect to issue a total of 31.1 million shares with a price located in a range between 18 and 20 dollars. Around 25.4 million will be issued by the company and the remaining amount will come from some of its current investors, who will sell part of their stake. If all were sold at the maximum price set, On would raise a total of $ 622 million.

The Point Break fund is the current largest shareholder in the company with around 25% of the shares. The three founders currently account for 8.5% of the ordinary shares, although they retain decision-making power by holding 56% of the voting rights. These are among the investors who will sell part of their securities, reducing their aggregate position in the shareholding to 6.3%, after transferring just over 17 million shares. At the maximum price of the fork, they could be distributed just over 340 million dollars. Despite this, they will retain 53% of the voting power.

The prospectus published in the SEC does not detail the position of Federer, who joined the company in 2019. In addition to being one of its investors, he also participates in the development of some of its shoes and in marketing tasks. In fact, ON has launched a collection under the brand The Roger, owned by the tennis player. The broadcast document explains that Federer’s involvement “will help improve our product development, marketing and fan experiences.” “An element of our marketing strategy has been to create a link in the market between our products and professional and Olympic athletes, such as Roger Federer and various triathletes from around the world,” he adds.

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On has accumulated rapid growth in recent years, which has not been slowed by the pandemic. Its sales as of June 30 of this year were 315.5 million Swiss francs, about 290 million euros, which implies a growth of 84% compared to the same period last year. In addition, it represents 74% of everything it sold in 2020. Its result at the end of the semester was just over three million euros, due to the losses of 30 million a year earlier.

The Swiss firm has become popular for the innovative technology it applies in the design of its shoes, mainly in its sole, allowing greater cushioning in the tread, which reduces muscle fatigue, and at the same time favoring the foot off the ground. with more propulsion. According to the information in the brochure, its products are sold in more than 8,000 stores in 50 countries, including Spain, especially in stores specialized in adventure and competitive sports.

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