Applied Nutrition shares moved sharply higher at the open on Thursday as the group made its debut as a London-listed company.
The Liverpool-based protein powder company priced its initial public offering at 140p per share, reflecting the lower end of its 136p to 160p guidance range and giving it a opening market capitalisation of £350million.
But Applied Nutrition shares, which had targeted a market cap as high £400million, jumped more than 7 per cent in early trading to 150p.
They were trading roughly 5.4 per cent higher by late morning at 147.5p.
Homegrown: Applied Nutrition founder Thomas Ryder hails from Knowsley, Merseyside
Founded by scaffolder Thomas Ryder out of Merseyside’s Knowsley, Applied Nutrition has previously said four ‘prominent and highly successful North West entrepreneurs’ would buy £25million of shares.
Only Mohsin Issa, who bought Asda with his brother, was named as one of the cornerstone investors.
But former JD Sports boss Peter Cowgill is also an investor and Andy Bell, founder of broker AJ Bell, became chairman earlier this year.
Its founder, 40, who holds a 53.5 per cent stake, while shares offered at IPO represented 45 per cent of the company’s issued share capital.
Ryder said: ‘As a homegrown UK business based in Knowsley, Liverpool, we could not be prouder to be listing on the London Stock Exchange.
‘We are only scratching the surface of our growth opportunity 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 and wellness brand.’
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