Nutrabolt has engaged a group of major investment banks to spearhead a potential initial public offering that could raise up to $1 billion, according to individuals with knowledge of the situation. The Austin, Texas-based nutrition and energy drink maker is reported to be working with JPMorgan, Goldman Sachs and Bank of America in advance of the planned offering.
Founded in 2002, Nutrabolt markets a range of sports-nutrition products, including energy drinks, protein powders and recovery drink mixes. Its portfolio includes the C4 energy drink line and the XTEND and Cellucor brands. The company also has a stake in Bloom, a female-focused brand: Nutrabolt took an initial 20% stake in Bloom in 2024 and increased that holding the following year, though the firm has not disclosed the revised ownership percentage.
In 2022, beverage company Keurig Dr Pepper acquired a 30% stake in Nutrabolt as part of a broader long-term sales and distribution arrangement. That transaction implied an equity valuation of $2.88 billion for Nutrabolt and involved an $863 million cash investment from Keurig Dr Pepper, representing roughly a four-times revenue multiple based on Nutrabolt's 2023 net sales.
The move toward a public offering comes as the U.S. IPO market has resumed activity following a period of reduced issuance. Market momentum has been aided by large listings, including the recent debut of SpaceX earlier this month, which stands as the largest IPO on record.
Details about timing, pricing or the final roster of underwriters have not been disclosed. Sources familiar with the matter provided the information on the bank selections and the possible $1 billion fundraising target.
Sectors affected
- Consumer beverages and sports nutrition
- Capital markets and investment banking