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PRIVACY
Retail & Consumer

Princes Group launches London Stock Exchange float with 拢1.16bn valuation

Merseyside-based food firm will be valued at about the bottom end of a £1.15bn to £1.23bn target range

Princes' Foods product range in 2024 with brands including Napolina pasta and tomatoes, Princes tinned fish and fruit, Jucee squashes, Branston beans, Flora and Olivio oils, and Crosse & Blackwell soup(Image: Patricia Niland)

Food gjant Princes Group has begun its London stock market float with a valuation of £1.16bn.

The nearly 150 year old company, renowned for its Princes Tuna and Napolina brands, will be valued at the lower end of a target range set last week, between £1.16bn and £1.24bn .

Princes announced that conditional dealings commencing on Friday would price shares in the business at 475p per share.

The firm, whose headquarters are located in Liverpool's iconic Liver Building, was acquired last year by Italian food company Newlat, which will maintain an investment in the business.

This floatation marks the latest surge of activity for the London Stock Exchange following a recent lack of listings.

This comes just a day after Shawbrook Group, a small business lender, launched its initial public offering (IPO) with a valuation of £1.92bn, subsequently seeing its shares rise by approximately 8% on its first trading day.

In addition, The Beauty Tech Group – the Cheshire-based owner of beauty gadget brands CurrentBody, ZIIP Beauty and Tria Laser – went public earlier this month with a valuation of around £300m.

Princes, which also owns Crisp N Dry and licenses brands such as Branston, stated it will raise roughly £400m through its listing.