The company is understood to have started discussions with banks about an initial public offering that could value it at more than £400 million, Sky News reported.
Exponent Private Equity, which has held a controlling stake in Trainline since 2006, is expected to appoint City advisers to oversee a flotation within weeks, although the timing of any listing is uncertain and an outright sale to another investor is a possibility, sources said.
Trainline made around £9 million profit in the year to March 2013, despite having to pay £2 million in fees to advisers who led an unsuccessful sale process.
