New York, June 30 - Nutrabolt, the Austin-based producer of energy drinks and sports nutrition products, has tapped JPMorgan, Goldman Sachs and Bank of America to lead a potential initial public offering in the United States that could raise up to $1 billion, according to people familiar with the situation.
The company, known for its C4 energy drinks as well as XTEND and Cellucor nutrition lines, is reported to be working with the three banks as it evaluates a U.S. listing. A Nutrabolt spokesperson declined to comment on rumors, and representatives for JPMorgan, Goldman Sachs and Bank of America also declined to comment.
The selection of banks and the firm's IPO intentions have not been previously disclosed. The reported plan surfaces as the U.S. initial public offering market has been showing renewed activity after an extended slowdown, a trend in part driven by several large listings earlier this month, including what was described as the largest IPO on record.
Nutrabolt was founded in 2002 and markets a range of products spanning energy drinks, protein powders, recovery drink mixes and other sports nutrition items under the C4, XTEND and Cellucor brands. The company expanded its portfolio in 2024 by acquiring a 20% stake in Bloom, a female-focused nutrition brand whose offerings include sparkling energy drinks, creatine gummies, hormone health capsules and nutrition powders. Nutrabolt increased its stake in Bloom the following year but did not disclose the new ownership percentage.
In 2022, Keurig Dr Pepper acquired a 30% stake in Nutrabolt as part of a long-term sales and distribution agreement, valuing Nutrabolt's equity at $2.88 billion at the time. Keurig Dr Pepper's investment included $863 million in cash, a figure that equaled roughly four times Nutrabolt's 2023 net sales on a revenue multiple basis.
The report of a potential Nutrabolt IPO arrives against a backdrop in which few supplement companies have pursued public listings in recent years. After its 2019 IPO, Premier Protein owner BellRing Brands saw its stock lose roughly half its value. Vitamin maker Thorne listed in 2021 and was taken private by investment firm L Catterton in 2023; Thorne is currently reported to be exploring a sale.
Performance among listed energy drink companies has been uneven. Celsius Holdings has experienced a roughly 38% decline in its stock year to date, while Monster Beverage has posted about a 25% gain over the same period.
Nutrabolt has previously indicated that it was on track to surpass $1 billion in consolidated annual revenue, a target the company described in September. The reported plans for an IPO and choice of underwriting banks are subject to confirmation; company and bank representatives have not provided public comment.
Key points
- Nutrabolt is working with JPMorgan, Goldman Sachs and Bank of America on a potential U.S. IPO that could raise up to $1 billion.
- The company owns and markets C4, XTEND and Cellucor brands and increased its stake in Bloom after an initial 20% investment in 2024.
- Industry and market context: the U.S. IPO market has shown renewed activity and consumer and retail issuers have been returning to the market.
Risks and uncertainties
- Confirmation risk - Nutrabolt and the named banks declined to comment, and the company has not publicly confirmed the IPO plans.
- Sector performance risk - Few supplement companies have successfully sustained positive public-market performance; examples cited include BellRing Brands, whose shares roughly halved after its 2019 IPO, and Thorne being taken private after listing.
- Peer volatility - Publicly traded energy drink peers have produced mixed returns year to date, with Celsius down about 38% and Monster up about 25%.