Applied Nutrition Seeks London IPO as Soon as October

(Bloomberg) - Applied Nutrition Ltd., a sports nutrition, health and wellness company, is seeking to list on the London Stock Exchange as soon as before the UK's autumn budget statement, according to a person familiar with the matter.

Most Read from Bloomberg

The Liverpool, UK-based company, which counts JD Sports Fashion Plc among its backers, is looking to complete the initial public offering ahead of the statement on Oct. 30 and the US election the following week, the person said, asking not to be identified as the information isn't public.

A listing would come as London has been grappling with a dearth of first-time share sales. Just eight companies have raised $774 million via UK IPOs so far this year, about 24% below the total volume during the same period in 2023, data compiled by Bloomberg show.

No final decisions have been made and details of the offering could change, the person said. The timing of the listing was reported earlier by The Sunday Times. Representatives for Applied Nutrition and JD Sports declined to comment.

Applied Nutrition reported £86 million ($115 million) in sales for the year ending July 31, a 42% increase from the same period in the previous year, the company said in a statement last month. It had £26 million of adjusted earnings before interest, taxes, depreciation and amortization during the period, 41% above the previous year.

The company's products are available in more than 80 countries, according to the statement. Applied Nutrition appointed a new US CEO, Aaron Heidebreicht, in 2024, and doubled its production capacity heading into the next financial year.

Most Read from Bloomberg Businessweek