Applied Nutrition confirms market capitalization of £350m as shares rise on IPO

Shares of Applied Nutrition rose sharply higher at the open on Thursday, as the group made its debut as a London-listed company.

The Liverpool-based protein powder company priced its IPO at 140p per share, reflecting the lower end of its target range of 136p to 160p and giving it an opening market capitalization of £350m.

But shares in Applied Nutrition, which had targeted a market capitalization of £400m, rose more than 7 per cent to 150p in early trading.

They were trading late this morning at 147.5p, about 5.4 percent higher.

Applied Nutrition, founded by scaffolder Thomas Ryder from Merseyside’s Knowsley, has previously said four ‘prominent and highly successful North West entrepreneurs’ would buy £25m worth of shares.

Only Mohsin Issa, who bought Asda with his brother, was named as one of the main investors.

But former JD Sports boss Peter Cowgill is also an investor and Andy Bell, founder of estate agent AJ Bell, became chairman earlier this year.

The founder, 40, has a 53.5 percent stake, while the shares offered in the IPO represent 45 percent of the company’s issued share capital.

Ryder said: “As a homegrown British company based in Knowsley, Liverpool, we couldn’t be more proud of our listing on the London Stock Exchange.

“We are only at the beginning of our growth opportunities and this IPO positions us ideally for the next step in our development.

“We are confident this will contribute to our vision to create the world’s most trusted and innovative brand in sports nutrition, health and wellness.”