Applied Nutrition, the Liverpool sports supplement brand which includes the Paddy Pimblett-endorsed Body Fuel sports drink, is targeting a £500m float in London.
Tom Ryder, founder of the JD Sports-backed company, met with nearly 30 fund managers in London to discuss a possible IPO in the fourth quarter of this year, the Times reported.
“We recognized that [going public] Check all the boxes. We strongly believe that we can be a company that can enter the London Stock Exchange this year,” Ryder said.
Applied Nutrition sells protein products, collagen powders and pre-workout supplements, most of which are produced in Liverpool before being stocked in the likes of Asda, Holland & Barrett and Tesco.
The company also has a foothold in the United States, selling its products in about 4,100 Walmart stores.
Andy Bell, the company’s chairman and co-founder of AJ Bell, is believed to be seeking a valuation of at least £500m and is working with advisers from Germany’s Numis AG.
Ryder added: “We’re looking for a sensible valuation to assure investors that we’re not doing this ahead of schedule. We’re saying, ‘Come join us.’ Let’s continue on this path. ”
Applied Nutrition is expected to make pre-tax profits of £25m in the 12 months to July, supported by a one-third rise in sales to between £80m and £85m.
Mr Ryder, who currently owns around 55% of the group, is believed to want to sell his stake up to 30%, which could result in a payout of around £150m.
JD Sports, which acquired a 32% stake for £25m in 2021, is also expected to sell its stake to between 5 and 10%.
