Applied Nutrition limbers up for £500m London Stock Exchange debut this year

Protein shake maker Applied Nutrition has confirmed plans for a potential £500m float on the London Stock Exchange today in the latest sign of life for the capital’s beleaguered bourse.

In a statement to the market, the Liverpool-based health and wellness brand said it was gearing up for an IPO on the main market of London’s flagship exchange before the end of the year after “stand-out” growth in the 12 months to July.

“To support our ambitious plans in the coming years, we continue to lay the groundwork ahead of our potential IPO on the London Stock Exchange later this year,” said chief executive, Tom Ryder.

“We believe London is an exceptional home for growth companies and if everything falls into place, we hope to deliver another successful IPO to the London market.”

While the company is yet to set a price range for the IPO, earlier reports have suggested the company could bag a valuation of some £500m.

It will come as another boon to London’s public markets after a torrid two years in which fresh listings have dried up and ministers and regulators have set about trying to reshape the rules governing the market.

New listings in London cratered in 2023 but there have been signs of activity on the market in recent months. Both markets of the London Stock Exchange attracted eight new companies in the first half of 2024 after activity slumped to record lows in the final quarter of 2023.

Applied Nutrition is likely to be among the first IPOs in the capital after the Financial Conduct Authority moved to overhaul regulation around the market in July.

CK Infrastructure, the Hong Kong-based investor, debuted on the market last week in the first listing following the rules change.

Applied Nutrition has been bolstering its senior ranks in recent months in preparation for the float.

AJ Bell founder, Andy Bell, was appointed as chair of the company in February, while Tony Buffin, former chief of Holland & Barrett, and Marnie Millard, former chief of Nichols, were appointed as non-executive directors.

Plans for Applied Nutrition’s IPO come today as the firm reported a boost in sales and profit over the past 12 months, with sales rising 42 per cent to £86.2m in the year to the end of July.

Bosses said they had also doubled the company’s production capacity and ramped up an international expansion.

Founded in Liverpool in 2014 by Ryder, the firm now sells products in over 65 countries and was named in the Sunday Times ‘Fastest Growing Companies’ list last year.