Energy Drink and Supplements Company Nutrabolt Picks Banks for US IPO, Sources Say

Reuters — Nutrabolt, an energy drink and supplements company, has picked investment banks to lead an initial public offering that could raise up to $1 billion, according to four people familiar with the matter.

Based in Austin, Texas, the company behind energy drink C4 and nutrition brand Bloom is working with banks including JPMorgan, Goldman Sachs and Bank of America, the sources said, requesting anonymity to discuss a private matter.

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

The U.S. market for initial public ​offerings has regained momentum after a prolonged slowdown, helped by blockbuster listings including SpaceX’s debut earlier this month, the largest IPO on record. Consumer and retail issuers have also returned to the market.

Founded in 2002, Nutrabolt sells energy drinks, protein powders, recovery drink mixes and sports nutrition products under the C4, XTEND and Cellucor brands.

Nutrabolt took a 20% stake in female-focused brand Bloom in 2024 and increased that the next year without disclosing its new stake size. Bloom’s products include sparkling energy drinks, creatine gummies, hormone health capsules and nutrition powders.

In 2022, Keurig Dr Pepper took a 30% stake in Nutrabolt, giving the company a $2.88 billion equity valuation, as part of a long-term sales and distribution agreement. The beverage giant made an $863 million cash investment, about a four-times revenue multiple based on 2023 net sales.

Few supplement companies have gone public in recent years. After an IPO in 2019, Premier Protein owner BellRing Brands’s stock has halved. Vitamin maker Thorne listed in 2021 and then investment firm L Catterton took it private in 2023. Thorne is currently exploring a sale.

Meanwhile, shares of energy drink makers Celsius Holdings and Monster Beverage have had mixed performance. Celsius has seen its stock drop 38% year to date while Monster shares are up 25%.

In September, Nutrabolt said it was on track to exceed $1 billion in annual revenue on a consolidated basis.