Applied Nutrition looks to build financial muscle with London IPO (updated)

JD Sports Fashion

07/10/2024 13:31

(Adds details in paragraph 2, analyst quote in paragraph 3,
background in paragraph 4-6)
       Oct 7 (Reuters) - British sports supplements
manufacturer Applied Nutrition  IPO-APPL.L  on Monday confirmed
its plan to list on the London Stock exchange later this month,
after its initial announcement in September.
    The company, which makes protein powders, energy drinks and
athletic wear among others, confirmed it is targeting a free
float of at least 25% of issued share capital without disclosing
its offering size.
    "Applied Nutrition’s upcoming IPO will provide another
vitamin boost to the London Stock Exchange and shows growing
appetite among firms to list," said Susannah Streeter, head of
money and markets at Hargreaves Lansdown.
    The planned initial public offering will value the
Liverpool-based firm at an estimated 500 million pounds ($654.35
million), according to reports.
    The United Kingdom has only had nine IPOs so far this year,
according to data from Dealogic, compared with 18 in 2023. It
has lagged other European countries, placing tenth amongst
European, Middle East and African nations in terms of IPO value.
    In 2021, British sportswear retailer JD Sports bought a 32%
stake in Applied Nutrition from founder and CEO Thomas Ryder,
who maintains a majority shareholding in the firm.


($1 = 0.7641 pounds)

 (Reporting by Yamini Kalia in Bengaluru; Editing by Janane
Venkatraman)
 ((Yamini.Kalia@thomsonreuters.com;))