On, founded in January 2010, has some 7 million clients in more than 50 countries around the world, according to its website. Its running shoes are available in more than 6,500 shops globally and the company also has offices in the U.S., Vietnam, Japan, Australia, Brazil and China.

The company has an ambitious growth plan and is counting on Swiss tennis star Roger Federer, a minority shareholder, to help boost its visibility, NZZ am Sonntag said. Federer has been collaborating closely with On, including on the development of new products, and the company has created a new tennis-inspired sneaker named “The Roger,” according to its website.

On’s press team didn’t immediately respond to a Bloomberg email for comment on Sunday.

The number of European IPOs sunk this year, amid the fallout from the novel coronavirus pandemic. Still, there’s been a wave of equity fundraisings as scores of companies rushed to secure cash to deal with the health crisis.