Applied Nutrition has indicated it is preparing to float on the London market by the end of the year in a move that could value the group at £500 million.
Market conditions will determine if the IPO goes ahead, it said, but boss Thomas Ryder added that the management has held positive meetings with investors.
Backed by sportswear retailer JD Sports Fashion PLC (LSE:JD.), the supplements group potentially could go straight into the FTSE 250 index.
In the year to 31 July, underlying annual profits rose by 41% to £26 million while revenues were up 42% at £86.2 million.
Ryder said: “This has been another standout year for Applied Nutrition, continuing our growth journey through increasing our international penetration, delivering new products and further diversifying our routes to market.”
“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.
“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.
“Nothing is certain in this climate, but meetings with investors have so far been positive and we’re delighted by the enthusiasm shown for our story.”
The group appointed Aaron Heidebreicht as US chief executive in March with AJ Bell founder Andy Bell coming in as chairman.
According to PA, Ryder will sell down his 55% stake to 30% as part of the IPO.