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Tinned tuna producer Princes Group has launched its flagship business London The stock market is floating with a valuation of £1.16 billion.
The nearly 150-year-old company, best known for its Princess Tuna and Napoleona brands, will be valued at the low end of a £1.16 billion to £1.24 billion target range set last week.
Prince said the shares will be priced at 475p per share in trading in the conditional deal due to commence on Friday.
The company, which is headquartered in Liverpool’s historic Liver Building, was purchased last year Italian Food firm Newlatt, which will maintain investment in the business.
This is the latest in a fresh series of float activity London Stock Exchange After a lack of listings in recent years.
This comes just a day after small business lender Shawbrook Group launched its initial public offering (IPO) at a valuation of £1.92 billion.
After this, the shares saw a rise of about 8% on the first day of trading.
Meanwhile, The Beauty Tech Group – which owns beauty gadget brands Currentbody, ZIIP Beauty and Tri Laser – launched earlier this month with a valuation of almost £300 million.
Prince, which also owns Crisp N Dry and licenses brands such as Branston, said it would raise about £400 million through its listing.
The food firm said the cash investment will help the company pursue acquisition deals.
Simon Harrison, Chief Executive of Princes Group, said: “Today marks a defining moment in the journey of Princes Group 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 center and the Princes Group is a great British success story.
“The company’s decision to list is a huge vote of confidence in this Government’s reforms, not only in the capital markets but in British business.”