Plant-based food group Huel eyes London IPO - report

Huel, the plant-based meal replacement maker, has hired bankers to advise on a flotation in London after the pandemic fitness surge made its products more popular, according to a report.

The company is discussing a potential initial public offering next year with Goldman Sachs and JP Morgan, the Financial Times reported. A "dual-track" sale of the business is also an option but an IPO is more likely as a way to fund growth, the FT said.

Huel makes powders, drinks, snacks and dried meals made from ingredients such as oats and seeds that contain "26 essential vitamins and minerals". Founder Julian Hearn established the business in 2015 in Hertfordshire, England, and now sells products in the US, Japan and Europe.

Hearn is the group's chief marketing officer after James McMaster, a former executive at Gu Puds, joined as chief executive in 2017. A London listing for the company would be a fillip after IPOs slowed in recent months.