British manufacturer of sports supplements Applied Nutrition said on Monday it plans to list its shares on the London Stock exchange, an initial public offering that could boost the UK's battered financial markets.

The protein shake maker plans a 500 million pound ($669.80 million) flotation this week, Sky News reported on Sunday. However, the company did not disclose the offering size in its Monday statement, and only confirmed an at least 25% free float of issued share capital.

The United Kingdom has only had nine IPOs so far this year, according to data from Dealogic, compared with 18 in 2023. It has lagged other European countries, placing tenth amongst European, Middle East and African nations in terms of IPO value.

Britain's markets watchdog in July fast-tracked the biggest shake-up in three decades of rules for companies listing on the London Stock Exchange as it sought to catch up with New York and the European Union post-Brexit.

Fast fashion retailer Shein has also begun the process for a London listing this year, sources told Reuters in June.

Applied Nutrition is a sports nutrition, health and wellness brand that formulates and creates nutrition products. It made revenues of 86.2 million pounds in the year ended July 2024.

In 2021, British sportswear retailer JD Sports bought a 32% stake in Applied Nutrition from founder and CEO Thomas Ryder, the latter said in a statement.

"We are confident that a London-listing would further enhance our brand awareness and provide a platform for continued growth," said Applied Nutrition Chairman Andy Bell, who co-founded investment platform AJ Bell.

($1 = 0.7465 pounds)

(Reporting by Yamini Kalia in Bengaluru and Anousha Sakoui in London; Editing by Vijay Kishore)