Princes tuna maker floats at £1.2bn, raising £400M for LSE
What's the deal? Princes GroupDealroom has a profile for this one. Try Dealroom →, the almost 150-year-old maker of tinned tuna and Napolina tomatoes, has launched its initial public offering on the London Stock Exchange at a valuation near £1.2bn. The Liverpool-based company expects to raise £400m from new shares to fund expansion. Shares debuted at the bottom of a £1.16bn to £1.24bn target range and slipped 1% in early trading.
Why now? The listing offers a rare bright spot for the UK's flagging flotation market. Business secretary Peter Kyle called it a "huge vote of confidence" in the government's capital markets reforms.
What's the endgame? Princes is controlled by Italian family firm NewlatDealroom has a profile for this one. Try Dealroom →, rebranded as NewPrinces, which bought the business from Japan's Mitsubishi in 2024 for £700m. Chief executive Simon Harrison pointed to ambitions for growth and expanding the company's international footprint. Princes also owns Crisp 'n Dry cooking oil, sells Branston baked beans under licence, and recently acquired Liverpool's Royal Liver Building, its head office.
The signal: The float follows a flurry of LSE activity after last year's drought. Small business lender Shawbrook Group listed at £1.92bn, its shares rising 8% on debut, and Beauty Tech Group floated at about £300m. With payment app Revolut weighing a dual London-New York listing and UnileverDealroom has a profile for this one. Try Dealroom → poised to demerge its ice-cream arm, the exchange is showing signs of renewed appetite.
Read more: BritBrief
