Swiss running shoemaker On Holding AG, whose proprietary cushioning technology has attracted Roger Federer as an investor, is planning an initial public offering in New York.

The Zurich-based company in a filing Monday listed the size of the offering as $100 million, a placeholder that will change when it sets terms for the share sale. It has applied for the NYSE listing symbol “ONON.”

On has become one of the world’s fastest-growing running-shoe brands since it was founded a decade ago. The pandemic gave the label a boost as well, thanks to a lockdown-inspired boom in the running, outdoor and casual clothing sectors. The shoes, known for their distinctive tubular cushions on the sole, have garnered somewhat of a cult following.

The company is eyeing a $6 billion to $8 billion valuation, Bilanz reported last week, citing unidentified people familiar with the matter.

The company’s investors include Stripes, the growth investment firm founded by Ken Fox, and former 3G Capital dealmaker Alex Perez’s Point Break Capital, according to the filing. Asian private equity firm Hillhouse also owns a stake.

Federer became a shareholder of On in 2019, and last year the company unveiled a shoe he helped design and that’s named after him, which sells for about $200. He’s thought to have invested some 50 million francs, Handelszeitung reported in February.

On said its net income amounted to 3.8 million francs ($4.2 million) in the six months through June, compared with a loss of 33.1 million francs a year earlier. Adjusted Ebitda for the first half of the year was 47.3 million francs.

The company has a presence in about 8,100 retailers around the world, along with its own “global flagship” store that opened in New York in December.

Goldman Sachs Group Inc., Morgan Stanley, JPMorgan Chase & Co., Allen & Co. LLC, UBS Group AG and Credit Suisse Group AG are arranging the offering.

By Corinne Gretler.

Learn more:

Can Roger Federer Help Build the Next Big Sportswear Brand?

The tennis legend and cult running shoe label On are launching a sneaker together. In the latest edition of the BoF Podcast, Federer shares what’s next.