Gymshark ‘aggressively’ pitched by banks as London IPO is on the cards
Athleisure business Gymshark has started to put together plans for a stock market listing.
The brand has been holding preliminary talks with institutional investors and investment banks about a flotation, Sky News has reported.
The company hit a £1bn valuation just over a year ago and boasts customers in more than 130 countries.
Gymshark was founded by teenager Ben Francis in 2012 in his parents’ garage with products that appeal to Gen Z consumers.
The now 29-year old sold a 21 per cent stake to private equity General Atlantic in August last year.
Francis retains a controlling stake in the company, meaning he is one of Britain’s wealthiest young people.
City sources told Sky News the company had been “aggressively” pitched to by investment banks in recent months. They said an initial public offering of its shares would most likely be in London.
The speculation comes as other London-listed online fashion firms – including Asos and boohoo – have underwhelmed the City in recent weeks.
A Gymshark spokesperson said: “We regularly speak to financial institutions to ensure we are connected to the business world and we continue to learn.
“Any recent conversations we have had have been about introducing these organisations to Gymshark and our journey so far.”
A spokesman for General Atlantic added: “We are working with Ben and the team to build Gymshark into the global leader we know it can be.”