SoulCycle LLC – the US-based boutique cycling studio operator – has hired investment banks in plans for an initial public offering, according to recent reports.

Earlier this year it was reported that founders Julie Rice and Elizabeth Cutler were looking to sell their remaining stake in the company to parent company Equinox Holdings, which has been the majority shareholder in SoulCycle since 2011.

The boutique cycling studio chain has been a game changer in the market and now has more than 40 clubs and 50,000 weekly exercisers in the US. There are plans to operate up to 60 clubs worldwide by 2016.