Applied Nutrition confirms London IPO later this month
written by Bella PalmerThe Liverpool-based firm said it is planning to debut on the exchange’s main market
Sports health brand Applied Nutrition has confirmed it aims to float on the London Stock Exchange (LSE) later this month in a move that could value the firm at a reported £500 million.
The Liverpool-based firm, which is backed by sportswear giant JD Sports, said it is planning to debut on the exchange’s main market.
The planned IPO has been estimated to value the company at almost £500 million, as per reports.
Applied Nutrition said last week that a flotation would help raise awareness of the brand and allow it to ramp up expansion.
The company, which makes protein and other supplements, said its products are sold in countries around the world but that it wants to grow further.
JD Sports acquired 32% of the group’s shares in 2021 from founder and chief executive Thomas Ryder.
An initial public offering would see its shares sold to institutional investors as well as retail investors in the UK.
It would also come at an important time for London stock markets, which have grappled with a dearth of IPO activity, as well as a number of UK-listed companies being bought out or defecting to markets abroad.
Applied Nutrition recently reported a pre-tax profit of £24 million for the year to the end of July, compared with £18 million the prior year.
Underlying earnings climbed 41% to £26 million in the year to July 31 on sales up 42% to £86.2 million.
Applied Nutrition has been beefing up its board ahead of the float, hiring Aaron Heidebreicht as US chief executive in March and also this year appointing AJ Bell founder Andy Bell as its chairman.
It is understood that Mr. Ryder is planning to reduce his stake from 55% to 30% as part of the IPO, which would land him a multimillion-pound windfall.
Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: Applied Nutrition’s upcoming IPO will provide another vitamin boost to the LSE and shows growing appetite among firms to list.
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