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Applied Nutrition sets price range for its upcoming IPO

written by Bella Palmer
ipo

In a filing with the London Stock Exchange today, the company said the indicative pricing would give it an estimated market capitalisation of £340-400 million

Applied Nutrition has set the price range for the UK-based company’s upcoming initial public offering that will value the business at as much as £400 million.

The maker of protein powders, bars and nutrition drinks, which is backed by UK retailer JD Sports, plans to offer nearly 137.4 million shares at a price range of 136 pence to 160 pence.

In a filing with the London Stock Exchange today, the company said the indicative pricing would give it an estimated market capitalisation of £340-400 million.

The shares will be sold by “certain existing shareholders”, as per the filing. JD Sports took a 32% interest in the business in 2021, while founder and CEO Thomas Ryder remains the majority shareholder.

Applied Nutrition said: The company is very pleased to have the support of four prominent and highly successful North West entrepreneurs, including Mohsin Issa, who have committed to participate in the offer to an aggregate value of £25 million pursuant to cornerstone investment agreements.

Funds raised from the initial public offering will be used to “support the group’s growth plans by increasing the group’s public profile and brand awareness”, as per the stock exchange filing. Applications for the share offering, available to investors in the UK only, will close on 23 October.

In the year ended 31 July 2024, Applied Nutrition recorded revenue of £86.1 million, up from £60.7 million a year earlier. Adjusted EBITDA rose from £18.5 million to £25.9 million over the same period.

The firm does business in over 60 countries and also has a US operation to support sales in retailer Walmart. Applied Nutrition has partnerships in a number of sports including with English and Scottish football clubs, professional boxers and MMA stars.

Confirming the plans for a share float in September, Ryder said: Since launching our first Applied Nutrition product just more than ten years ago, we have demonstrated a consistent track record of delivering strong profitable growth, becoming a trusted, premium sports nutrition, health and wellness brand in an industry that continues to grow at pace.

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