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Roger Federer plays against Hubert Hurkacz in the quarter finals at All England Lawn Tennis and Croquet Club in London on July 7.

USA TODAY USPW/USA TODAY Sports via Reuters

On Holding AG, a shoe firm backed by Swiss tennis star Roger Federer, is targeting a valuation of more than $12.33 billion in a U.S. initial public offering (IPO), a regulatory filing showed on Tuesday.

The company plans to sell 31.1 million shares in the IPO, priced between $18 and $20 per share. It would raise $622 million at the top end of the price range.

Reuters had reported in April that the shoemaker was targeting a listing in autumn that could fetch it a valuation of between $4 billion and $6 billion.

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On’s existing shareholders are offering around 5.66 million shares in the IPO. The company will not get any proceeds from the sale of those shares.

The Zurich-based company was founded in 2010 by Olivier Bernhard, David Allemann and Caspar Coppetti. Federer invested in the company in 2019, according to the filing.

Goldman Sachs & Co, Morgan Stanley and J.P. Morgan are among the underwriters for the offering. On plans to list on the New York Stock Exchange under the symbol “ONON.”

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