MUNICH, May 27 (Reuters) - Germany’s Bike24 plans to float on the Frankfurt stock exchange, sources familiar with the matter said on Thursday, in a deal that could value the online bicycle dealership at more than 500 million euros ($610 million). The listing comes as the coronavirus pandemic has prompted a boom for the cycling business, with many people buying bikes to exercise or avoid buses or trains. Investment banks Berenberg and JP Morgan are advising on the initial public offering for Bike24, which has achieved growth rates averaging 30% in recent years, is profitable and is now present in Germany, Austria and Spain. U.S. financial investor The Riverside Company first invested in Bike24 in 2015 and now owns a majority stake. CEO Andres Martin-Birner and his fellow founders are also shareholders in the business, which was founded in 2002 and is based in Dresden. Bike24 declined to comment. ($1 = 0.8201 euros) (Reporting by Alexander Huebner, Writing by Douglas Busvine, editing by Emma Thomasson) Our Standards: The Thomson Reuters Trust Principles.