Applied Nutrition has confirmed its intention to IPO this month in what could be one of the standout floats of the year for the London Stock Exchange.
In August, the Liverpool-based firm confirmed plans for a £500m IPO before the end of the year after “stand-out” growth in the 12 months to July, and it said today the float is expected to take place in October.
The performance supplement maker said the offer will comprise existing shares being sold by current shareholders.
It will be targeted at institutional investors in the UK as well as retail investors through the Retail Book platform. Following its IPO, the firm is targeting a free float of at least 25 per cent.
“Any additional details in relation to the offer, together with any changes to corporate governance arrangements, will be disclosed in a prospectus, if and when published,” the firm said.
Applied Nutrition has been bolstering its senior ranks in recent months in preparation for the float, with AJ Bell founder Andy Bell joining as chair in February, while Tony Buffin, former chief of Holland & Barrett, and Marnie Millard, former chief of Nichols, were appointed as non-executive directors.
The company’s float is expected to be one of the most significant of the year, as London’s stock exchange has struggled to attract new companies to list, with only 23 signing up last year.
This figure was down from 45 in 2022, which itself was a 62 per cent drop compared with a record 119 listings in 2021.