On Tuesday, Technogym, Cesena, Italy, filed papers to pursue a possible public offering.
The company announced that it had filed papers with Consob, the financial markets supervision authority in Italy, and Borsa Italiana, the Italian stock market. The public offering likely would not actually happen for several months, according to an article by bebeez.it.
"Technogym has decided to evaluate, in a long term perspective, the opportunity of becoming listed by submitting a preliminary request for admission," according to the Technogym announcement.
Also in the announcement, Technogym shared that its 2015 revenue had 10 percent growth over 2014, coming in at EUR512 million ($566.8 million).
Technogym was founded in 1983 by Nerio Alessandri in his garage. The company is 60 percent owned by Alessandri and his brother Pierluigi. The other 40 percent is owned by British private equity firm Arle, which purchased the minority share in 2008. Arle plans to exit the company in the future, which is why the company is evaluating a possible IPO, according to the announcement. Technogym plans to list about 40 percent of its capital in the Italian stock market, Reuters reported on Monday, citing an unnamed source close to the company.
BeBeez.it noted in September that Technogym was valued at EUR930 million ($1 billion).