Liverpool energy drink manufacturer Applied Nutrition, home of Body Fuel branded drinks, said today it hopes to raise up to £400m in its upcoming London initial public offering.
The JD Sports-backed firm said the IPO price range has been set at 136 pence to 160 pence apiece, implying an estimated valuation of between £340m and £400m pounds.
The IPO, a much-needed boost for London’s flagging financial market, comprises a share sale of up to 137.4 million shares being offered by existing shareholders.
The IPO will be supported by four ‘prominent’ British entrepreneurs, including Asda co-owner Mohsin Issa, who have committed to participate for up to £25m. The company did not name the other three investors.
Applied Nutrition founder and CEO Thomas Ryder is a majority shareholder in the firm.
