MARKET REPORT: Strong market debut for Liverpool protein company backed by the Rooneys

Shares in the protein drinks maker, set up by a Liverpool scaffolder and backed by Wayne and Coleen Rooney, jumped on their stock market debut yesterday.

In a major boost for the city after a shortage of listings, Applied Nutrition was floated in London at a price of 140p each, giving it a value of £350 million.

The stock rose 7% to 150p in early trading, valuing the company at £375m, before ending the day at 143.5p.

Founder Thomas Ryder, who grew up on a council estate and left school at 16, sold £68.25m worth of shares in the float and last night retained a 34% stake worth £122m.

The so-called Initial Public Offer (IPO) was one of London’s biggest this year, providing a boost amid a shortage of such listings.

Raspberry Pi shares have risen 28% to 359p since the computer maker floated in June, but few other IPOs have captured the imagination.

However, there is hope that the tide is turning. French media giant Canal+ – maker of the Paddington Bear films – is aiming for a valuation of £6.7 billion when it floats in London later this year.

Chinese fast-fashion giant Shein is also considering a £50 billion UK IPO.

Applied Nutrition, chaired by AJ Bell founder Andy Bell, attracted major investors including ex-Asda boss Mohsin Issa, construction entrepreneur William Ainscough, Home Bargains billionaire Tom Morris and Liverpool property magnate George Downing, as well as the Rooneys.

The FTSE 100 rose 0.13%, or 10.7, to close at 8,269 after four days of losses. The FTSE 250 fell 0.19%, or 39.4, to 20,791 as investors digested the company updates.

Shares in the London Stock Exchange Group rose 2.6%, or 270p, to a record 10,655p after third-quarter profits posted a better-than-expected 9.5% rise to £2.12 billion.

Another riser was Anglo American – up 2.9%, or 67p, to 2390.5p – as the mining giant stuck to its production estimates for copper and iron ore even as it revised its production forecast for De Beers’ diamond division from plan is to split off, reduced.

Data and events group Relx rose 1%, or 35p, to 3624p after promising to grow sales and profits this year. Despite ‘volatile trading’, homewares retailer Dunelm posted a 3.5% increase in sales in the first quarter to £403m. Shares rose 0.5%, or 6p, to 1199p.

Estate agent Foxtons has welcomed a recovery in activity in the housing market as it reported a 10% increase in sales to £125.9 million so far this year.

Shares rose 3.4%, or 2p, to 61.6p. Bunzl fell 1.3%, or 46p, to 3,500p, despite the latest update – which showed a 5.4% rise in third-quarter sales – not enough to build on recent gains.

Shares in the company, which supplies products such as toilet paper, disposable cups and safety helmets, have risen in value by 175% since the height of Covid-19.

Shares in software company Softcat rose 10%, or 154p, to 1686p after full-year profits rose 9.3% to £154.1 million.

Birkin bag maker Hermes saw third-quarter sales rise 11% to £3.1 billion, sending its shares up 1.1%, or €22, to €2,083. Despite rival luxury group and Gucci owner Kering warning of its lowest annual profit in eight years, shares rose 2% or €4.7 to €235.6.

Travis Perkins, Britain’s largest building materials supplier, cut its annual profit outlook for the second time in three months, sending shares down 4.6%, or 42%, to 880%.

The FTSE 250 company said revenue fell 5.7% in the third quarter. It now expects full-year profits of £135 million, not £150 million as in August.

New boss Pete Redfern, formerly of builder Taylor Wimpey, said: ‘The group has allowed itself to be distracted and too internally focused.