On, the Zurich-based sports brand backed by Roger Federer, publicly denied a report in a Swiss newspaper last July that it was planning to go public in 2021. Citing a source close to the matter, Reuters reported again on April 30 that On was making preparations for an initial public offering (IPO) in the U.S. that will probably take place in the autumn, adding that it could value the company at between $4 billion and $6 billion. This time, On’s management said it would not comment on such media reports.