Applied Nutrition’s shares opened as much as 7% above its initial public offering (IPO) price on Thursday, giving the supplements maker a valuation of £375 million in one of the largest London IPOs this year.

Merseyside-based Applied Nutrition Limited makes drinks and supplements for gym-goers.

Applied Nutrition’s shares opened at £1.50 on the London Stock Exchange. The company had priced its IPO at £1.40 per share, at the lower end of a 136p-160p target range.

Applied Nutrition raised £157.5 million by selling 112.5 million shares, representing 45% of the company’s issued share capital on admission.

Applied Nutrition CEO Thomas Ryder said: “As a homegrown UK business based in Knowsley, Liverpool, we could not be prouder to be listing on the London Stock Exchange.

“We are delighted with the support shown by investors during our roadshow, and the top-quality shareholder register that we have secured. As we reach this important milestone in our journey, I would like to thank our employees for their continuing hard work and dedication.

“We are only scratching the surface of our growth opportunity and this IPO positions us ideally for the next step of our development. We are confident it will assist in our vision to create the world’s most trusted and innovative sports nutrition, health & wellness brand.”