(Bloomberg) -- Applied Nutrition Ltd. is considering an initial public offering in London, in what could be a boost for the UK’s bruised capital markets.
The Liverpool-based maker of sports supplements, backed by JD Sports Fashion Plc, is considering applying for admission to the London Stock Exchange’s main market, the company said in a statement on Monday.
London has been grappling with a dearth of first-time share sales and a string of listings defecting to New York. Just eight companies have raised $774 million in UK IPOs this year, about 25% below the total in the same period of 2023, according to data compiled by Bloomberg.
Still, sentiment has begun to improve following Raspberry Pi’s successful debut in June and a barrage of regulatory reforms aimed at boosting London’s appeal, broker Peel Hunt said last month.
Applied Nutrition reported £86 million ($114 million) in sales for the year ending July 31, a 42% increase from the same period in the previous year, the company said 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 August statement. Applied Nutrition appointed a new US CEO, Aaron Heidebreicht, in 2024, and doubled its production capacity heading into the next financial year.
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