Princes Group, the Liverpool-based international food and beverage giant, joined the main market of the London Stock Exchange on Friday with its offer price set at £4.75 per ordinary share, equating to a market capitalisation of £1.162 billion.
This was at the lower end of the firm’s original projected IPO flotation price of 475p to 590p per ordinary share.
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 Offer comprises 84,210,526 new Ordinary Shares to raise primary capital of approximately £400 million of gross proceeds, to support the Company with further inorganic growth via acquisitions,” said Princes Group.
“Immediately following Admission, the Company’s issued share capital will be 244,702,956 Ordinary Shares (excluding any Ordinary Shares that may be issued and allotted pursuant to the Over-allotment Option).
“The Offer included a retail offer, using Retail Book Limited for distribution to retail investors in the United Kingdom. 2,884,889 Ordinary Shares will be issued to retail investors through the Retail Offer, raising approximately £14 million.
“Assuming that the Over-allotment Option is exercised in full, the final offer size will be approximately £420 million.
“NewPrinces S.p.A, the Company’s major shareholder, has subscribed for approximately £200 million worth of Ordinary Shares as part of the Offer.
“Newlat Group S.A., the family office of Angelo Mastrolia, has subscribed for £54.7 million worth of Ordinary Shares as part of the Offer.
“As a result of the holdings of the Major Shareholder Group there is expected to be a free float of approximately 13% (excluding any Ordinary Shares that may be issued and allotted pursuant to the Over-allotment Option) immediately following Admission.”
Princes Group CEO Simon Harrison said: “Today marks a defining moment in Princes Group’s journey as we proudly begin our chapter as a publicly listed company. This milestone is a testament to the strength of our brands, the dedication of our people, and the trust placed in us by customers and partners across the globe.
“For nearly 150 years, Princes has been a name synonymous with quality, value, and innovation in food and drink. 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. I’m incredibly proud of what we’ve achieved and even more excited about what lies ahead for Princes Group as we continue to shape the future of food.”
Princes Group executive chair Angelo Mastrolia said: “Today’s listing is just the beginning of what we expect will be a period of exciting growth and value creation for Princes.
“I would like to sincerely thank all our new investors for the trust they have placed in us. Their confidence reflects a shared belief in Princes’ strong fundamentals and our long-term strategy. We have a clear path to delivering on our strategic objectives and are ready to execute our next phase of growth.
“We have identified a strong pipeline of potential acquisitions, which we can pursue in a short timeframe and which will create additional synergies. At the same time, we will continue with our efforts to modernise, enhance and expand Princes’ operations and extensive portfolio of brands. As majority shareholder, NewPrinces has invested in the IPO alongside new investors, demonstrating our shared commitment and confidence in the company’s future success.
“In addition to thanking our investors, I want to express my gratitude to all Princes colleagues and the management team. Without their hard work, dedication and commitment, today would not have been possible. Together, we are building a stronger, more dynamic Princes, ready to deliver on its promise of growth and value creation for years to come.”