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Shares in Applied Nutrition rose sharply at the open on Thursday as the group made its debut as a London-listed company.
The Liverpool-based protein powder company priced its IPO at 140p per share, reflecting the lower end of its guidance range of 136p to 160p and giving it an initial market capitalization of £350 million.
But shares in Applied Nutrition, which had targeted a market capitalization of £400m, jumped more than 7 per cent in early trading to 150p.
By late morning they were trading about 5.4 per cent higher at 147.5p.
Homegrown: Applied Nutrition founder Thomas Ryder hails from Knowsley, Merseyside
Founded by Merseyside scaffolder Thomas Ryder from Knowsley, Applied Nutrition has previously said four “prominent and highly successful North West entrepreneurs” would buy £25m of shares.
Only Mohsin Issa, who bought Asda with his brother, was named as one of the key 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 40-year-old founder owns a 53.5 percent stake, while the shares offered in the IPO represented 45 percent of the company’s issued share capital.
Ryder said: ‘As a local British company based in Knowsley, Liverpool, we couldn’t be prouder to be listed on the London Stock Exchange.
‘We are only scratching the surface of our growth opportunity and this IPO ideally positions us for the next step in our development.
“We are confident it will support our vision of creating the most trusted and innovative sports nutrition, health and wellness brand in the world.”
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