Princes Group, the nearly 150-year-old maker of tinned tuna, launched its public offering on the London Stock Exchange on Friday with a valuation of £1.16 billion. The Liverpool-based company priced shares at 475 pence, raising around £400 million at the lower end of its target range.
The food company, known for brands including Princes Tuna, Napolina and Crisp N Dry, was last year acquired by Italian food firm Newlat.
The company will use the capital from the listing to fund expansion through acquisitions.
Chief Executive Simon Harrison said in a statement: "Today marks a defining moment in Princes Group's journey as we proudly begin our chapter as a publicly listed company. Our listing on the London Stock Exchange reflects not only our heritage but also our ambition for future growth. As we look ahead, we remain focused on expanding our international footprint, deepening our category leadership, and delivering sustainable, long-term value for all our stakeholders."
Fresh market activity
The float joins a recent surge of listings on the London Stock Exchange after years of subdued activity. Small business lender Shawbrook Group launched its IPO earlier this month with a £1.92 billion valuation, seeing shares rise 8% on its first trading day. The Beauty Tech Group also floated this month at around £300 million.
Business and Trade Secretary Peter Kyle said in the Princes Group statement: "The London Stock Exchange is a renowned global trading hub and the Princes Group is a great British success story. The firm's decision to list is not only a huge vote of confidence in this Government's reforms to capital markets but in British business."
Newlat will retain an investment in Princes Group following the float.
Note: This article was created with Artificial Intelligence (AI).
