(Bloomberg) -- Applied Nutrition is seeking to raise as much as £220 million ($287 million) in its initial public offering, in what could be one of London’s largest first-time share sales this year.
The British sports nutrition group, backed by JD Sports Fashion Plc, said the price range for the offer has been set at 136 to 160 pence per share. The offer comprises up to 137.4 million shares to be sold by certain shareholders of the company, it said.
At the top of the range, the share sale would value the company at £400 million, according to the statement.
Four UK entrepreneurs including Mohsin Issa have committed to invest a combined £25 million in the IPO as cornerstone investors, the company said.
Issa along with his brother Zuber and private equity group TDR Capital acquired British grocer Asda in a deal that was completed in 2021.
London has been grappling with a dearth of first-time share sales and a string of listings defecting to New York.
Still, Raspberry Pi Holdings Plc’s successful debut in June and a barrage of regulatory reforms aimed at boosting London’s appeal have brought some optimism.
Applied Nutrition is working with Deutsche Numis as sole sponsor, sole global co-ordinator and sole bookrunner on the sale, the statement shows.
(Updates second deck headline and body with details on investment from Mohsin Issa)
©2024 Bloomberg L.P.