The U.K.-based fitness apparel and athleisure brand Gymshark is in preliminary talks with banks and institutional investors over a potential IPO, according to Sky News.
The report indicates that the brand has been “aggressively” pitched to by investment banks in recent months and has shown interest in pursuing an IPO, probably in London.
It comes a year after the brand became the second British company since 2001 to achieve a valuation of over 1 billion pounds without any prior investment.
In August of this year, Francis reclaimed his role as the chief executive as the company expanded into the U.S. and Asia. The move came four years after he stepped away from leading the brand.
The company opened its first U.S. distribution center in California in July of this year, which will be followed by two East Coast centers later in the year.
The company has forecasted high double-digit growth in the U.S. in the coming years. It now operates in over 180 countries, has an audience of over 16 million on social media and reported sales of $380 million in 2020.