Applied Nutrition to bring in retail shareholders for £500m float

Protein shake maker Applied Nutrition is set to include millions of retail shareholders in its planned £500m float as soon as this week.

The sports nutrition brand is set to muscle its way onto the public markets in collaboration with Peel Hunt-backed Retailbook, according to reports from Sky News.

Last month, the firm confirmed plans for a £500m IPO 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.”

Since then, the company has brought forward its float to as soon as this week, reportedly to allow shareholders to offload their holdings without suffering higher levels of capital gains tax, as it is expected to be raised in next month’s budget.

The company will reportedly be floating on the market with Retailbook, which was given the green light by the Financial Conduct Authority earlier this year, and will allow retail investors to access IPOs using Peel Hunt’s existing REX technology.

Applied Nutrition has been bolstering its senior ranks in recent months in preparation for the float, with AJ Bell founder Andy Bell joining as chair in February, while Tony Buffin, former chief of Holland & Barrett, and Marnie Millard, former chief of Nichols, were appointed as non-executive directors.

The company’s float is expected to be one of the most significant of the year, as London’s stock exchange has struggled to attract new companies to list, with only 23 signing up last year.

This figure was down from 45 in 2022, which itself was a 62 per cent drop compared with a record 119 listings in 2021.

Applied Nutrition and Peel Hunt has been contacted for comment.