Applied Nutrition’s London IPO Likely to Price Near Low End

(Bloomberg) -- Protein-shake maker Applied Nutrition Plc is likely to price its initial public offering in London toward the bottom of its marketed price range, according to people familiar with the matter.

Shares are expected to be sold at 140 pence each, near the lower end of its original 136 to 160 pence range, valuing the company at around £350 million ($454 million). Indicated demand is enough to cover the IPO at that price level, the people said, declining to be named as the details are private.

Applied Nutrition CEO Thomas Ryder and JD Sports Fashion Plc are among the shareholders selling shares through the float.

The company is scheduled to start trading on the London Stock Exchange on Thursday. Final terms could still change and will depend on demand, the people said.

Applied Nutrition’s plans come as the city strives to attract new listings after a couple of years of muted activity.

UK entrepreneurs including ASDA co-owner Mohsin Issa have committed to invest a combined £25 million in the IPO as cornerstone investors.