Federer-backed sports shoe maker On denies preparing for IPO

Swiss sports shoe maker On, partly owned by tennis champion Roger Federer, denied on Monday a newspaper report that said it was making preparations for a stock exchange listing.

FILE PHOTO:"The Match In Africa" Exhibition Match - Cape Town Stadium, Cape Town, South Africa - February 7, 2020 Switzerland's Roger Federer in action during the exhibition match against Spain's Rafael Nadal REUTERS/Mike HutchingsVIENNA: Swiss sports shoe maker On, partly owned by tennis champion Roger Federer, denied on Monday a newspaper report that said it was making preparations for a stock exchange listing.

Swiss paper NZZ am Sonntag said the decade-old company was in the early stages of preparing for an initial public offering in summer or autumn 2021, citing anonymous sources. At least one Swiss newspaper reported NZZ's article."The speculation in the Swiss Sunday papers is false. On has no plans for an IPO next year," On co-founder David Allemann said in a statement.

"As a private company, we are fully concentrated on reaching even more runners around the world with our Swiss technology," he added. The Zurich-based company says it has special sole technology https://press.on-running.com/ons-unique-technology# that is soft on impact and firm on the rebound.

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