Coleen Rooney-backed sports health business Applied Nutrition has kicked off its stock market debut with a valuation of around £350 million.

The group priced its initial public offering (IPO) at 140p a share, which is near the bottom of the 136p and 160p per share price range unveiled last week.

Ms Rooney – TV personality and wife of former Manchester United and England footballer Wayne Rooney – has already revealed her intention to invest in the firm’s flotation after becoming a brand ambassador for the group earlier this year.

The Liverpool-based company, which is also backed by retailer JD Sports, is issuing 250 million shares under the IPO, of which 112.5 million were sold by existing shareholders.

The group began conditional trading of shares on the London Stock Exchange on Thursday, with unconditional trading expected to start next Tuesday.

Shares lifted to 146.2p each soon after conditional dealing started.

Thomas Ryder, founder and chief executive of Applied Nutrition, said: “As a homegrown UK business based in Knowsley, Liverpool, we could not be prouder to be listing on the London Stock Exchange.

“We are only scratching the surface of our growth opportunity and this IPO positions us ideally for the next step of our development,” he added.

A number of prominent entrepreneurs from the North West, including Asda co-owner Mohsin Issa, have already committed to invest a combined £25 million as cornerstone investors in the IPO.

On confirming her involvement with the Applied Nutrition float, Mrs Rooney said last week: “I’ve been genuinely impressed by Applied Nutrition’s journey from its roots in Liverpool to becoming a leading sports nutrition, health and wellness brand.

“The Applied story is inspiring, and I used their products even before I was an ambassador.

“That’s why I’ve decided to invest in the company — I’m excited to be part of its future.”

The exact amount of Mrs Rooney’s investment remains undisclosed.

The decade-old business mainly operates by selling its products to other businesses, including retailers, grocers, gyms and sports clubs, targeting consumers from professional athletes to people wanting to lose weight.

Its products are sold in more than 80 countries worldwide.

JD Sports acquired 32% of the group’s shares in 2021 from Mr Ryder.

Applied Nutrition recently reported a pre-tax profit of £24 million for the year to the end of July, compared with £18 million the prior year.

Underlying earnings jumped 41% to £26 million in the year to July 31 on sales up 42% to £86.2 million.