(Reuters) - Applied Nutrition, a British sports nutrition-related business, said on Tuesday it expects to raise up to 400 million pounds ($521.92 million) in its London initial public offering.

The JD Sports-backed company said the IPO price range has been set at 136 pence to 160 pence apiece, implying an estimated valuation of between 340 million pounds and 400 million pounds.

The IPO, which is expected to boost London's staggering financial market, comprises a share sale of up to 137.4 million shares being offered by existing shareholders.

The IPO will be supported by four prominent British entrepreneurs including supermarket group Asda's co-owner Mohsin Issa, Applied Nutrition said in a statement.

The entrepreneurs, three of which were not named in the company's statement, have committed to participate in the offer for up to 25 million pounds.

Applied Nutrition founder and CEO Thomas Ryder is a majority shareholder in the firm.

($1 = 0.7664 pounds)

(Reporting by Yamini Kalia in Bengaluru; Editing by Sherry Jacob-Phillips)