Global wellness giant Technogym is lining up a potential float on the Milan stock exchange, according to reports.

Reuters has cited two separate sources who said Technogym has picked Mediobanca, JP Morgan and Goldman Sachs as global co-ordinators of the proposed listing.

One of the sources indicated that the IPO would most likely take place next year, with Technogym said to be hoping for a valuation of at least 10 times earnings before interest, tax, depreciation and amortisation (EBITDA).

The company was founded in 1983 by Nerio Alessandri who – together with his brother Pierluigi – owns 60 per cent of the business. The remaining 40 per cent is held by private equity fund Arle Capital Partners.

Technogym enjoyed a strong set of financial results in 2014, as EBITDA rose 77 per cent (year-on-year) to €64.8m (US$69.9m, £46.4m), while net debt fell to €57.2m (US$61.5m, £41m) – down from €87m (US$93.5m, £62.3m) at the end of 2013.

Alessandri has built the company from its inception in a garage in Cesena, Italy, into one of the most recognised wellness brands in the world. The company has supplied fitness equipment for every Olympic Games since Sydney 2000 and will continue has also landed the exclusive contract for next year's Rio 2016 Olympics.

A Technogym spokesperson told Health Club Management: "We can only say that there is in place a preliminary study on an eventual Technogym IPO. The process is still at a very early stage and no decisions have been made."