Applied Nutrition has confirmed that it is planning to float in London, where the company is estimated to be valued at around £500 million.
The Liverpool-based company said it plans to have a free float of around 25%, with plans to raise funds from the issue of new shares as well as allowing some existing shareholders to sell some of their shares.
Ahead of a potential initial public offering, the sports nutrition brand, where retailer JD Sports Fashion PLC (LSE:JD.) has owned a stake of around 32% since 2021, also published a registration document for a main market listing.
Earlier this summer, the group reported sales growth of 41% to £86.2 million for the year to 31 July 2024, with underlying profit (EBITDA) up 40% to £26 million and cash flow swelling 81% to £16.9 million.
Chief executive Thomas Ryder said in the statement today that the company is "only scratching the surface of our growth opportunity and this IPO positions us ideally for the next step of our development".
He added that since launching the first Applied Nutrition product just over ten years ago, "We have demonstrated a consistent track record of delivering strong profitable growth, becoming a trusted, premium sports nutrition, health and wellness brand in an industry that continues to grow at pace".
Andy Bell, founder and former boss of AJ Bell, who brings experience from being listed on the London Stock Exchange as chairman, added that a listing will "mark the next step in Applied Nutrition's journey to becoming the world's most trusted and innovative sports nutrition, health & wellness brand".
He said the company is "confident that a London listing would further enhance our brand awareness and provide a platform for continued growth".
Also on the board is former Abbey Logistics CEO Steven Granite as chief operating officer and Joe Pollard, formerly of Deloitte and Grant Thornton, as chief financial officer.