The move may value the company at about 1.5 billion pounds (2.30 billion US dollars), Sky News reported.
Virgin Active, jointly owned by Sir Richard Branson's Virgin Group and CVC Capital Partners, has also hired Bank of America Merrill Lynch, Goldman Sachs Group, Morgan Stanley and UBS to work on the planned initial public offering, Sky News said.
Bank of America Merrill Lynch, Morgan Stanley and Standard Bank are expected to take the senior-most roles in arranging the floatation, the website said.
If the IPO goes through, this will be the third successful venture, partly owned by Sir Branson's Virgin Group, to have sold shares publicly within a matter of months.
Last year, Virgin America and Virgin Money listed at the Nasdaq stock exchange and London stock exchange respectively, where the domestic low-cost airliner was valued at 1.35 billion US dollars, while the British bank netted 140 million pounds (214.70 million US dollars) for its co-owners Sir Branson and Wilbur Ross, a US financier.
CVC Capital declined to comment on the report. Virgin Group and Virgin Active could not immediately be reached for comment outside regular business hours.