Applied Nutrition, supported by JD Sports, launched a £350m IPO, providing a significant morale boost to the London Stock Exchange amidst challenging times.
- The Liverpool-based company successfully raised £157.5m, pricing its shares at 140p each, indicating robust investor interest.
- The IPO marks the company’s initial public offering, adding to the modest 10 listed companies on the capital’s market this year.
- Existing investors, including key executives from Applied Nutrition and JD Sports, released 112.5m shares.
- Mohsin Issa, co-owner of Asda, has committed as a cornerstone investor bolstering the IPO.
Applied Nutrition, a Liverpool-based sports nutrition brand with backing from the retail giant JD Sports, has embarked on a major financial milestone by launching a £350 million Initial Public Offering (IPO) on the London Stock Exchange. This significant event is seen as a welcome boost for the beleaguered exchange, which has been experiencing a downturn in new listings.
The brand managed to raise £157.5 million by pricing its shares at 140p each, a figure towards the lower end of the initial guidance but perceived positively in the current climate. This marks a notable achievement for Applied Nutrition, aligning with their strategic growth plans and investor interest.
This IPO is one of just ten to take place in the London market this year, highlighting the challenges faced by the exchange with numerous companies delisting. The sports nutrition company, known for its protein shakes, has thus seized an opportunity to invigorate the market with its entry.
The offering included 112.5 million shares released by existing shareholders, comprising executives from within Applied Nutrition and its supportive partner, JD Sports. Notably, the IPO also secured Mohsin Issa, the co-owner of Asda, as a cornerstone investor, adding a layer of confidence and stability to the deal.
Thomas Ryder, the chief executive of Applied Nutrition, expressed a sentiment of regional pride, noting the company’s UK roots. “As a homegrown UK business based in Knowsley, Liverpool, we could not be prouder to be listing on the London Stock Exchange,” he commented. His remarks underscore the company’s ambitious growth trajectory initiated back in 2014.
Ahead of the IPO, Applied Nutrition strategically appointed Tony Buffin, formerly of Holland & Barrett, as a non-executive board member, and AJ Bell’s founder, Andy Bell, to its chair. These appointments aim to steer the company towards future innovations and expansions.
According to the terms, the current conditional trading of Applied Nutrition shares will proceed until unconditional trading begins the following Tuesday. This development is part of the company’s larger effort to establish a strong foothold and leverage public market resources to facilitate further growth.
The IPO of Applied Nutrition is a strategic move that bolsters both the company’s growth prospects and the broader market’s stability.
