24th Oct 2024 12:29
Applied Nutrition PLC - Liverpool-based sports nutrition brands - Sets the price for its initial public offering on the London Main Market at 140 pence, which gives the Applied Nutrition a market capitalisation of GBP350 million. The price is at the lower end of the price range of 136p to 160p that the company set last week. The IPO consists entirely of existing shares. A total of 45% of the total are offered, raising GBP157.5 million for the company's current owners. Within this is a retail offer worth up to GBP22 million. FTSE 100-listed retailer JD Sports Fashion PLC had a 32% stake prior to the IPO. Applied Nutrition doesn't say whether or not JD Sports is among the sellers. Conditional dealings in the shares begin on Thursday, followed by unconditional dealings on Tuesday next week. The stock is quoted at 145.2p midday Thursday.
"We are only scratching the surface of our growth opportunity," says Founder & Chief Executive Officer Thomas Ryder, "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."
By Tom Waite, Alliance News editor
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