Nutrabolt taps banks for potential U.S. IPO that could raise up to $1 billion

Traders Union
All News
Financial News
Nutrabolt plans U.S. IPO

Highlights

Nutrabolt is preparing a potential U.S. IPO with JPMorgan, Goldman Sachs, and Bank of America that could raise up to $1 billion, sources report.
In September, Nutrabolt stated it was on track to exceed $1 billion in annual revenue, following Keurig Dr Pepper's $863 million investment for a 30% stake in 2022 at a $2.88 billion valuation.
The planned IPO comes amid renewed U.S. listing momentum and mixed public market performance for supplement and energy drink peers like BellRing Brands, Thorne, Celsius Holdings, and Monster Beverage.

IPO preparation and bank lineup

As first reported by Reuters, Nutrabolt has selected investment banks to lead an initial public offering, according to four people familiar with the matter. The company is working with JPMorgan, Goldman Sachs and Bank of America on the planned listing, the sources said, while noting the discussions remain private.

A Nutrabolt spokesperson says the company does not comment on rumors. JPMorgan, Goldman Sachs and Bank of America declined to comment.

Founded in 2002, Nutrabolt sells energy drinks, protein powders, recovery drink mixes and sports nutrition products under the C4, XTEND and Cellucor brands. The Austin, Texas-based company also took a 20% stake in female-focused brand Bloom in 2024 and increased that holding the following year without disclosing the new size of its stake.

Market backdrop and sector implications

The planned IPO comes as the U.S. listing market regains momentum after a prolonged slowdown, helped by large recent flotations and a return by consumer and retail issuers. In September, Nutrabolt said it was on track to exceed $1 billion in annual revenue on a consolidated basis.

Nutrabolt already has backing from Keurig Dr Pepper, which took a 30% stake in the company in 2022 through an $863 million cash investment tied to a long-term sales and distribution agreement. That deal gave Nutrabolt an equity valuation of $2.88 billion and implied roughly a four-times revenue multiple based on 2023 net sales.

Public listings have been limited in the supplements sector in recent years, and performance among comparable companies has been uneven. BellRing Brands shares have fallen since its 2019 IPO, while Thorne listed in 2021 before being taken private by L Catterton in 2023, and energy drink makers Celsius Holdings and Monster Beverage have posted mixed stock performance this year.

Our earlier coverage of AA’s plans for a London flotation noted that the private equity-backed roadside recovery group was prioritising an IPO route after also weighing a sale, with no final decision taken. We also highlighted the subdued IPO backdrop in the U.K. and how a potential AA listing could become one of the few notable new offerings as market conditions gradually improve.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.