Princes Group’s London IPO sees tepid market reception
Food and drink maker’s shares edge lower as trading opens on the London Stock Exchange
UK – Princes Group made its trading debut on the London Stock Exchange, but investor reaction to the listing was largely subdued.
By 1:06 p.m. GMT, shares of the Liverpool-based food and beverage manufacturer were down 0.2%, trading at 473.95 pence (US$5.97) after opening at an issue price of 475 pence (US$5.98) per share.
According to listing documents released in the morning, Princes Group aimed to raise £400 million (US$524.4 million) from the initial public offering, valuing the company at around £1.16 billion (US$1.52 billion).
The company, known for producing brands such as Napolina tinned tomatoes, Batchelor’s tinned peas, and Jucee squash, is part of Italy’s NewPrinces, which acquired the business from Japan’s Mitsubishi Corp. in May 2024 for about £700 million (US$918.7 million).
Company Statements
In a statement filed to the exchange, Princes Group CEO Simon Harrison described the listing as a key phase in the company’s continued growth and said it would provide resources to support future expansion.
Harrison added that the move would allow Princes to pursue new opportunities benefiting both employees and customers.
Executive chair Angelo Mastrolia said the decision to list in London reflected the company’s confidence in its leadership team and long-term prospects in the UK market.
He also noted that the UK remains Princes Group’s largest market and home to its core management operations.
Strategic Direction and Background
NewPrinces, the parent company, confirmed plans earlier in October to float its UK unit on the London Stock Exchange.
At the time, Harrison said the IPO would give the group access to capital for mergers and acquisitions and enable the company to widen its product range and global presence.
He added that the listing was expected to help attract new talent and strengthen the business for future growth.
NewPrinces itself was formed after Italy’s Newlat Food completed the acquisition of Princes Group from Mitsubishi, subsequently rebranding the parent company and listing it along with its Italian dairy subsidiary, Centrale del Latte d’Italia.
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