Wiggle, a U.K. e-commerce website with a focus on cyclists and triathletes, is exploring undergoing an initial public offering, according to www.growthbusiness.co.uk.

The majority shareholder private equity firm Isis Equity Partners is said to be meeting potential bookrunners in September. Isis is also said to be exploring an M&A deal to exit its investment.

Wiggle, founded in 1999, increased revenues from £33.15 million in 2009 to £86.79 million in the year ended January 31 2011. Profits have also soared from £4.51 million to £10.53 million in the same period.