Wiggle held a beauty parade last week as six investment banks pitched to advise its potential float, as the bikes etailer also mulls a sale to private equity.
Rothschild, which is advising Wiggle on its strategic options, is running a dual track process which allows the etailer to consider both a sale or float simultaneously.
A shortlist of potential trade and private equity buyers are expected to receive an information memorandum within days, according to The Telegraph.
Wiggle, owned by IsisEquity Partners, has flourished in the recession, posting rising sales and profits in its recent accounts. The etailer, which sells bike parts, bikes and gadgets, has been valued at about £200m.
Last year cycling fanatic and former Asda boss Andy Bond joined as a non-executive director.