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Conditional dealings in Princes Group PLC began on Friday, priced at the lower end of the canned goods seller’s previously guided range. The Liverpool, England-based firm confirmed the price of its initial public offering at 475 pence per share, which implies a market capitalisation of £1.16 billion. Its shares traded at 474p on Friday morning in London, down 0.2% from the IPO price. Last week, Princes estimated a price per share between 475p and 590p, for a market cap of £1.46 billion at the top end. Earlier this month, Princes said it was aiming for a market cap in the region of £1.5 billion. The IPO, launching November 5, comprises 84.2 million shares, to raise approximately £400 million, which will fund ‘inorganic growth via acquisitions,’ Princes said. Gross proceeds may raise up to £420 million, should an over-allotment option be exercised. Princes is known for its own-brand tuna and Italian staples under the Napolina product line. It was acquired by Milan-listed NewPrinces Spa, previously Newlat Food Spa, in July 2024. It has conditionally agreed to buy Symington’s Ltd, Newlat GmbH and Princes France SAS from NewPrinces, prior to going public. In turn, NewPrinces has subscribed for approximately £200 million in shares as part of the IPO. Princes Chair Angelo Mastrolia has subscribed for shares worth £54.7 million through Newlat Group SA. As a result, Princes expects a free float of 13% immediately following admission. The company’s predicted market cap poises it to join the FTSE250 index when it debuts on the Main Market next month. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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