Shares in Federer backed shoe firm soar on debut

Shares in the Roger Federer-backed running shoe company On Holding jumped by almost 46% in their debut in New York on Wednesday.

It left the Swiss firm valued at around $11bn (£8bn) by the end of the day.

The listing comes at a time when running shoes have been selling well, as people seek to do more exercise outdoors in the pandemic.

The shoemaker sold 31.1 million shares in its initial public offering, raising $746.4m.

On was founded in 2010 by running enthusiasts Olivier Bernhard, David Allemann and Caspar Coppetti, with Mr 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. The tennis player has worn the shoes at recent tournaments including Wimbledon.

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's listing comes amid growing global demand and investor appetite for sustainable products.

Other sustainability-focused companies that recently listed their shares baby good retailer Honest Co, run by Hollywood star Jessica Alba, and oat milk firm Oatly, which is backed by Oprah Winfrey.