On Holding AG, a shoemaker backed by Swiss tennis star Roger Federer, is eyeing a valuation of more than $6 billion in a U.S. initial public offering (IPO), a regulatory filing showed on Tuesday.

The IPO comes at a time when athletic gear, especially shoes, has been flying off the shelves at most retailers as COVID-induced gym closures push more people to take up running to keep themselves fit.

On was founded in 2010 by running enthusiasts Olivier Bernhard, David Allemann and Caspar Coppetti, with Federer investing an undisclosed sum in the company in 2019.

The 20-times Grand Slam winner teamed up with the company earlier this year to develop the Roger Pro tennis shoe.

On also makes a 100% recyclable brand of running shoes, called Cyclon, made from castor beans. The shoes are available only on a subscription basis and have to be returned to the company for new ones once they wear out.

The company, which is aiming to raise $622 million in the IPO, counts North America as its largest market, accounting for nearly 49% of its total sales, followed closely by Europe.

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.

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.

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.”

By Sohini Podder; Editors: Krishna Chandra Eluri, Aditya Soni and Anil D’Silva.

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