Applied Nutrition has been valued at £350 million as its initial public offering in London raised £157.5 million, the protein shake-maker said on Thursday.
Some 112.5 million shares were sold by existing stakeholders at a price of 140p each, reflecting the lower end of Applied’s guided range and equating to 45% of its issued capital.
JD Sports Fashion PLC (LSE:JD.) and founder Thomas Ryder had been among those previously said to be lining up to sell shares, which attracted backing from the Asda co-owner Mohsin Issa.
Shares began trading on the London Stock Exchange on Thursday on a conditional basis, ahead of full admission on October 29.
“As a homegrown UK business based in Knowsley, Liverpool, we could not be prouder to be listing on the London Stock Exchange,” chief executive Thomas Ryder said.
“We are only scratching the surface of our growth opportunity and this IPO positions us ideally for the next step of our development.
“We are confident it will assist in our vision to create the world's most trusted and innovative sports nutrition, health & wellness brand.”