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 shares moved sharply higher at the open on Thursday as the group made its debut as a London-listed company.

The forthcoming London IPO of Applied Nutrition is poised to raise up to £400 million, aimed at reviving the financial market. Liverpool-based energy drink company sets IPO price range at 136 to 160 pence per share. The aspiring valuation suggests a range between £340 million and £400 million.

Liverpool-based Applied Nutrition said on Tuesday the price range for its planned initial public offering (IPO) has been set at 136p to 160p per share

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.