Applied Nutrition’s IPO raises £157.5m as shares price at 140p each.
- The Liverpool company is backed by sportswear leader JD Sports.
- IPO provides a lift for the challenged London Stock Exchange.
- With a £350m valuation, it signals resilience amid slow IPO rates.
- Principal investors include key figures from Applied Nutrition and JD Sports.
Applied Nutrition, a prominent sports health brand, successfully raised £157.5 million during its initial public offering (IPO) with shares priced at 140p each. This valuation fell towards the lower end of its guided range but still marked a significant event for the London Stock Exchange.
The Liverpool-based enterprise operates under the aegis of JD Sports, a leading sportswear firm. The IPO saw Applied Nutrition valued at approximately £350 million as conditional trading commenced on Thursday, with expectations for unconditional trading to start next Tuesday. Previously, the company had set a price range between 136p and 160p per share, suggesting an estimated valuation span of between £340 million and £400 million.
This IPO arrives at a crucial juncture for the London Stock Exchange, which has been beset by declining IPO numbers and multiple delistings. Applied Nutrition’s listing marks only the tenth IPO in the capital this year, following a trend of slow public listings that characterized 2023 as one of the most challenging years for IPOs in recent history.
During the IPO, 112.5 million shares were offered, sourced from current shareholders, including Applied Nutrition executives and JD Sports. Notably, Asda co-owner Mohsin Issa emerged as a cornerstone investor, illustrating strong backing from influential figures within the industry.
Thomas Ryder, the chief executive of Applied Nutrition, expressed pride in the company’s milestone, stating: “As a homegrown UK business based in Knowsley, Liverpool, we could not be prouder to be listing on the London Stock Exchange.” Ryder’s journey from scaffolder to leading Applied Nutrition since its inception in 2014 highlights the company’s growth trajectory. The firm further strengthened its board by appointing Tony Buffin, a former executive at Holland & Barrett, and Andy Bell, founder of AJ Bell, as non-executive members.
JD Sports Fashion’s involvement dates back to 2021, when it acquired a 32% stake in Applied Nutrition. This partnership preceded the brand’s expansion into the United States market the following year.
The IPO of Applied Nutrition not only underscores its growth potential but also serves as a beacon of optimism for the London Stock Exchange.
