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Tinned tuna giant, Princes, has confirmed its plans to proceed with an Initial Public Offering (IPO) on London's primary index.

This decision comes just a week after the Italian-owned firm announced it was contemplating a listing, as reported by .

The offering will consist of new ordinary shares to be listed by the company, with the aim of raising net proceeds for further growth and potential acquisitions. Based on its fundraising target, Princes is set to qualify for inclusion in the FTSE 100.

The final offer price will be determined following a bookbuilding process, where potential investors indicate their willingness to purchase shares at specific prices.

Princes, which was acquired by Italian food company Newlat last year and is known for owning a range of familiar brands including margarine brand Flora and Branston pickle, as well as its renowned tinned tuna, anticipates that trading will commence by the end of October.

Princes offer to investors

The offer will be open to institutional investors in the º£½ÇÊÓƵ and other countries, including the US.

However, directors and existing shareholders are expected to agree to standard 'lock-up arrangements', restricting the sale of shares for a certain period following the group's admission to the stock exchange.

Last year, the Italian-owned business generated £2.1bn in revenue through its five business units, exporting its products to over 60 countries.