Sports health brand Applied Nutrition has set its IPO at a value of £350m, which is on the lower end of its guided range but still provides a much-needed boost for the struggling London Stock Exchange.
The Liverpool-based company, backed by sportswear titan JD Sports, raised £157.5m from the offering, pricing shares at 140p each, as reported by .
Applied Nutrition's IPO valued the firm at approximately £350m as it began conditional trading of shares on the LSE this past Thursday. Unconditional trading is anticipated to commence next Tuesday.
Just last week, the company established its IPO price range between 136p and 160p per share, suggesting an estimated valuation ranging from £340m to £400m.
Thursday's IPO consisted of 112.5m shares from existing investors, including executives from Applied Nutrition and JD Sports. Asda co-owner Mohsin Issa has agreed to be a cornerstone investor.
The debut of Applied Nutrition offers some relief for London's stock market, which has been grappling with a decrease in IPOs and a series of delistings in recent years.
The protein shake manufacturer is only the 10th company to float in the capital this year. The 23 IPOs in 2023 marked the worst year for listings in nearly three decades.
"As a homegrown º£½ÇÊÓƵ business based in Knowsley, Liverpool, we could not be prouder to be listing on the London Stock Exchange," expressed Thomas Ryder, Applied Nutrition's chief executive.
"We are only scratching the surface of our growth opportunity, and this IPO positions us ideally for the next step of our development."
The IPO has resulted in a significant gain for Ryder, the former scaffolder who established Applied Nutrition in 2014.
Prior to the IPO, Applied Nutrition appointed ex-Holland & Barrett leader Tony Buffin as a non-executive board member, while AJ Bell founder Andy Bell assumed the role of its non-executive chair.
JD Sports Fashion procured a 32 per cent share in Applied Nutrition in 2021, preceding its US launch the following year.
