Tinned tuna maker Princes Group has kicked off its major London stock market float with a £1.16 billion valuation.
The almost 150-year-old firm, which is best known for its Princes Tuna and Napolina brands, will therefore be valued at the bottom end of a £1.16 billion to £1.24 billion target range set out last week.
Princes said conditional dealings being launched on Friday would see shares in the business priced at 475p per share.
The company, which has headquarters in Liverpool’s landmark Liver Building, was bought last year by Italian food firm Newlat, which will keep an investment in the business.
The float is the latest in a fresh flurry of activity for the London Stock Exchange after a dearth of listings in recent years.
It comes only a day after small business lender Shawbrook Group launched its initial public offering (IPO) at a £1.92 billion valuation.
It then saw shares rise by around 8% in its first day of trading.
Meanwhile, The Beauty Tech Group – which owns beauty gadget brands CurrentBody, ZIIP Beauty and Tria Laser – floated with a valuation of around £300 million earlier this month.
Princes, which also owns Crisp N Dry and licenses brands such as Branston, said it will raise around £400 million through its listing.
The food firm said the cash injection will help support the company to grow further through acquisition deals.
Simon Harrison, chief executive of Princes Group, said: “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.”
Business and Trade Secretary Peter Kyle said: “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.”
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