Applied Nutrition is aiming for a valuation of up to £400 million in its initial public offer on London's main market, which it expects to complete by the end of the month.
The offer will be priced in a range of 136p-160p, which would give the protein shakes company an estimated market capitalisation at admission of between £340 million and £400 million.
In its prospectus, which was published on Tuesday, the company confirmed that will not receive any proceeds from the IPO, with shares just being sold by existing shareholders, including founder and CEO Thomas Ryder and JD Sports Fashion PLC (LSE:JD.).
Proceeds for these selling shareholders are expected to be roughly £200 million, at the mid-point of the price range and assuming the maximum uptake.
JD Sports, which bought the stake in 2021 from Ryder as a strategic initiative alongside its JD Gyms business, is planning to sell most of its 31.36% stake but plans to hold on to a minimum of 5%.
Ryder's 53.52% stake will be cut to a minimum of 30%, while chief operating officer Steve Granite is also selling down his 9.8% shareholding, planning to keep at least 5%.
Applied Nutrition said it has secured four cornerstone investors in the IPO, all "prominent and highly successful North West entrepreneurs", including Mohsin Issa of Asda fame, who have committed to participate in the IPO fundraising, buying a combined £25 million of shares.
Retail investors at AJ Bell, Hargreaves Lansdown and Interactive Investor will be able to participate too, via the RetailBook platform, with the deadline for applications being 10 am on 23 October.
** Update: Adds details from prospectus **