Applied Nutrition has confirmed its intention to launch its long-predicted IPO this month. The IPO will be folowed by a free float of at least 25 per cent of shares.
In August, the Liverpool-based firm and maker of the Body Fuel-branded sports drinks confirmed plans for a £500m IPO before the end of the year after “stand-out” growth in the 12 months to July. It said today the float is expected to take place in October.
The performance supplement maker said the offer will comprise existing shares being sold by current shareholders.
It will be targeted at institutional investors in the UK as well as retail investors through the Retail Book platform.
“Any additional details in relation to the offer, together with any changes to corporate governance arrangements, will be disclosed in a prospectus, if and when published,” the firm said.
Applied Nutrition has been bolstering its senior ranks in recent months in preparation for the float, with AJ Bell founder Andy Bell joining as chair in February, while Tony Buffin, former chief of Holland & Barrett, and Marnie Millard, former chief of Nichols, were appointed as non-executive directors.
Bell said: “A float on the London Stock Exchange would mark the next step in Applied Nutrition’s journey to becoming the world’s most trusted and innovative sports nutrition, health & wellness brand. The Company has delivered impressive growth to date, driven by the increasing consumer interest in health and wellness, and the consistent delivery of new products to Applied Nutrition’s global customer base. We are excited at the prospect of widening our shareholder base and we are confident that a London-listing would further enhance our brand awareness and provide a platform for continued growth.”
The company’s float is expected to be one of the highest profile of the year, and will be a boost to London’s stock exchange, which only managed to attract 23 new sign ups last year.
