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,

Protein shake maker opens above the offer price in conditional dealings on Thursday, after float backed by four cornerstones

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.

The protein shake seller which is backed by JD Sports said it Asda-shareholder Mohsin Issa has committed to participating in the float in London this month

Applied Nutrition has set the price range for the UK-based company’s upcoming IPO that will value the business at as much as £400m ($523.2m). The maker of protein powders, bars and nutrition drinks, which is backed by UK retailer JD Sports, plans to offer around 137.4 million shares at a price range of 136 pence to 160 pence.

The sports nutrition brand raised £157.5m from the offering at a price of 140p per share, near the bottom of the range, boosting the LSE.

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).

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.