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.

(Reuters) -Shares of Applied Nutrition opened 7% above its London initial public offering price on Thursday, valuing the British nutrition supplements maker at 375 million pounds. The IPO provides a boost to UK's financial markets,

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.

Applied Nutrition's shares opened 7% above its initial public offering (IPO) price on Thursday, giving the British supplements maker a valuation of 375 million pounds ($486.11 million) in one of the largest London IPOs this year.

Applied Nutrition Plc rose on its trading debut following a rare London initial public offering that delivered a windfall to former scaffolder Tom Ryder who set up the protein-shake maker a decade ago.

Applied Nutrition, a British sports nutrition-related business, on Thursday priced its London initial price offering at the lower end of its indicated range, valuing it at 350 million pounds ($452.87 million).