Princes Group, the Liverpool-based international food and beverage giant, has announced the price range for its planned IPO on the main market of London Stock Exchange which it said would give the firm an estimated market capitalisation of between £1.162 billion and £1.243 billion.
Princes Group, owned by Italian food firm Newlat, is best known for its Princes Tuna and Napolina brands, but also owns Crisp N Dry and licenses brands including Branston, Batchelors and Flora. It is the largest supplier of edible oils in the UK and sells nearly a billion cans of food a year.
“The price range for the offer has been set at 475p to 590p per ordinary share, implying an estimated market capitalisation at admission of between approximately £1,162 million and £1,243 million (assuming completion of all reorganisation steps being undertaken in connection with admission, including the capitalisation of outstanding shareholder loans, and no exercise of the over-allotment option) …” said Princes Group.
“The offer comprises up to 84,210,526 new ordinary shares to raise primary capital of up to £400 million to support the company with further inorganic growth via acquisitions.
“In addition, up to a maximum of 12,631,578 new ordinary shares may be sold pursuant to an over-allotment option to raise capital of up to £60 million …
“The company will apply for admission to listing on the equity shares (commercial companies) (ESCC) category of the official list of the FCA and to trading on the main market of London Stock Exchange plc …”
Princes Group’s headquarters are located in Liverpool’s Royal Liver Building and it operates 23 production facilities across the UK, continental Europe and Mauritius. The group has a further 21 warehouses and distribution centres and three offices across the UK, Poland and the Netherlands, with 7,800 employees.
“The offer will be a targeted offering to certain institutional investors in the United Kingdom and elsewhere outside the United States in reliance on Regulation S, as well as to ‘qualified institutional buyers’ (QIBs) in the United States pursuant to Rule 144A under the United States Securities Act of 1933 (the ‘US Securities Act’) …” added the company.
“The offer will also be made to retail investors resident in the United Kingdom only (in reliance on Regulation S under the Securities Act) through Retail Book Limited’s partner network of investment platforms, retail brokers and wealth managers, subject to such partners’ participation in the Offer (the ‘Retail Offer’).
“The Retail Offer is expected to open following publication of the Prospectus and have a minimum application size of £250. The latest time and date for receipt of applications for the Retail Offer is 4:30pm on 30 October 2025 …
“NewPrinces S.p.A., the company’s major shareholder – which strongly believes in the long-term strategy of the Group – has indicated its intention to apply to subscribe for up to £200 million of Ordinary Shares in the Offer, to be scaled through the price range, at the final offer price.
“No legally binding commitment has been entered into between the Major Shareholder and the Company. Information relating to the Major Shareholder’s actual participation in the Offer and its holding of Ordinary Shares following Admission will be set out in the pricing statement …
“Each of the non-executive directors has agreed to subscribe for new Ordinary Shares outside of the Offer (subject to and conditional upon Admission) and each has entered into subscription letters with the Company in relation to such subscription …
“It is expected that conditional trading will commence by the end of October and that Admission will become effective and that unconditional dealings in the Ordinary Shares will commence at 8:00 a.m. (UK time) on 05 November 2025 ….
“Immediately following Admission, the Company expects it would have a free float that would make it eligible for inclusion in the FTSE UK indices …”