Protein shake maker Applied Nutrition Plc rose on its trading debut Thursday, in a boost to London’s sluggish capital market.
Shares opened at 150 pence ($2.57), more than 7% above the price of its initial public offering, and were changing hands around 148 pence at 8.15am in London.
The IPO raised GBP157.5 million for the company’s owners, making it one of London’s largest this year and delivering a windfall to the former scaffolder who founded the protein shake maker a decade ago.
The offering from the maker of muscle-building whey protein priced at 140 pence per share, near the bottom end of its marketed range, giving it a valuation of around GBP350 million, according to a statement. Shares are trading on the London Stock Exchange under the symbol APN LN.
Ahead of the IPO, the company named Tony Buffin, former CEO of wellness-products retailer Holland & Barrett Group a non-executive board member, while Andy Bell, founder of the investment services firm AJ Bell, joined as non-executive chairman.
The IPO consisted of 112.5 million shares from existing holders, including executives and JD Sports Fashion. It attracted backers including Asda Express co-owner Mohsin Issa, who agreed to be a cornerstone investor.
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The company is working with Deutsche Numis as the sole sponsor on the deal.
Applied Nutrition is one of the biggest IPOs in the London main market this year, following Raspberry PI Holdings Plc’s May share sale, according to data compiled by Bloomberg.
The European IPO market has struggled to rebound from a slump starting in 2022 that was spurred by concerns around higher interest rates and the economy. In the UK specifically, meanwhile, caution has prevailed due to July’s general election and the Labour government’s first budget expected next week.
UK regulators have overhauled their rules for companies looking to make their public debut in London, part of an effort to draw more listings to the city.
