Princes Group, a major UK food and drink supplier owned by Italian firm NewPrinces, has confirmed plans to raise $537 million through a London Stock Exchange listing. The group, which has operated for over a century, will issue up to 84.2 million new shares, priced between 475 and 590 pence each.
Parent company NewPrinces intends to acquire around £200 million worth of shares as part of the offer. The move follows a 10% dip in NewPrinces’ Milan-listed stock after the announcement. Princes’ market debut is set for 5 November, with the final valuation expected to reach between £1.16 billion and £1.24 billion, below earlier projections of £1.5 billion.
The listing comes amid a subdued period for London IPOs, where market confidence has been tested by postponed or relocated floats from major firms. Princes’ entry will gauge investor interest in consumer goods at a time when capital markets are seeing renewed, albeit cautious, activity.
Recent listings, including US-based data centre operator Fermi’s $14.8 billion dual float and alternative lender Shawbrook’s proposed £2.7 billion listing, signal tentative signs of momentum returning to the UK exchange.