CROX - Swiss shoe company ON Running is said to prepare for IPO as early as September

Swiss shoe company ON Running, which is backed by tennis superstar Roger Federer, is said to be planning for a U.S. IPO as early as September.The IPO may value the running shoe maker at about $5B, according to a Reuters report. ON is working with JP Morgan, Goldman Sachs and Morgan Stanley on the IPO with Credit Suisse and other banks in other roles.ON will likely officially announce the public offering in September or October, which could value the company between $4B and $6B, the report said.ON Running was started by former professional athlete Olivier Bernhard and his friends David Allemann and Caspar Coppetti in 2010, according to the shoe company's website. Federer joined ON as investor in 2019.For perspective, Under Armour's (UAA) market cap is $9.95B, while Nike (NKE) has a $207B value and Crocs's (CROX) market cap is $6.4B.

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Swiss shoe company ON Running is said to prepare for IPO as early as September