Federer-backed shoe company valued at $11B in IPO

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Shares of Roger Federer-backed running shoe company On Holding jumped nearly 46% in their initial public offering debut.

The day of trading yesterday valued the Swiss firm at $11 billion.

Federer teamed up with the company early this year to develop the Roger Pro tennis shoe. The tennis player has worn the shoes at recent tournaments such as Wimbledon.

Read more from BBC News.