UK sports supplement maker Applied Nutrition saw its share price rise 7% above its offer price after securing a £350 million valuation in its London IPO on Thursday.
The Liverpool-based company, which saw its share price open at 150 pence per share, had priced its IPO at 140 pence—the bottom of its target range.
The offering, backed by Asda co-owner Mohsin Issa, raised £157.5 million. Other key investors included William Ainscough, Tom Morris and George Downing. Existing investor, sports retailer JD Sports, will retain a stake.
The IPO, one of the largest of the year, is a rare boon to an otherwise sluggish London IPO market. According to PitchBook data, there have been just 12 public listings in 2024 so far—none of which were VC or PE-backed—worth a total of £600 million.
It is the largest listing on the London Stock Exchange since Raspberry Pi confirmed plans for a London IPO in May. The listing valued the low-cost computer maker at £541.6 million on its debut day.
In 2022, there were 49 London IPOs worth £4.9 billion, while in 2023, this went down to £1.2 billion across just 22 exits. The last time London IPOs peaked was back in 2021 when there were 126 listings worth over £50 billion.
Featured image by Djavan Rodriguez/Getty Images
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