• Second largest IPO of 2024 in the UK and largest consumer IPO since 2021
• Offer price valued business at £350 million

International law firm Addleshaw Goddard has advised leading sports nutrition, health and wellness brand Applied Nutrition plc on its Initial Public Offering (IPO) and listing on the London Stock Exchange.

The shares began trading on the main market for listed securities of the London Stock Exchange on 29 October, after the offer price had been set at 140p per share, which valued the business at £350 million at the start of conditional dealing with an offer size of £157.5m.

An 80-person team led by Corporate Partner Roger Hart advised on the IPO, which is the second largest of 2024 in the UK and the largest consumer IPO since 2021.

The Addleshaw Goddard team included Jamie Partridge, Adam Hastings, David Auty, Rebecca Mackellar, Paul Keohane, Phoebe Liang, Melissa Chaplow, Callum Campbell, Nelema Akhtar and Luca Batra.

Roger Hart said:

"With the UK Budget approaching, our team was able to deliver against an accelerated timeline and all parties deserve huge credit for getting this IPO over the line successfully. It was also fantastic to see such strong interest from both the institutional and retail investor community, with the offer significantly oversubscribed."

Founded in 2014 by chief executive Thomas Ryder, Applied Nutrition has developed and launched four ranges under the umbrella of the Applied Nutrition brand - Applied Nutrition, ABE, BodyFuel and Endurance. Its products are available in more than 65 countries and are carried in well-known retailers such as Tesco, ASDA and Superdrug.

Prior to the IPO, the company announced that it had the support of several prominent entrepreneurs, including EG Group co-founder Mohsin Issa, who had committed to participate in the offer to an aggregate value of £25m pursuant to cornerstone investment agreements.