On AG, the Swiss running shoemaker is preparing to go public with a potential U.S. stock market listing as early as this fall, sources told Reuters. The deal reportedly aims to value the firm at about $5 billion.

The company is in discussions with JP Morgan, Goldman Sachs and Morgan Stanley to manage the initial public offering with Credit Suisse and other banks in further roles.

On declined to comment on the IPO speculation.

An On spokesperson said in a statement, “The past year was demanding for On due to the corona pandemic, but very successful. The need of people to be active in the fresh air is increasing worldwide.”

Photo courtesy On