Princes IPO Priced at 475p, Raises ~£400M

Princes Group Plc priced its London IPO at 475 pence per share — the bottom of its marketed range — raising about £400 million and valuing the company at roughly £1.16 billion. The canned-tuna and grocery supplier — bought in 2024 by Milan-listed Newlat, which has since renamed itself New Princes Group — reported pro forma revenues of about £2.1 billion last year and has grown through nearly two dozen acquisitions. Princes said it will use the IPO proceeds to fund further acquisitions and is targeting an additional £1–1.5 billion of incremental revenue from deals over the medium term. Pricing at the low end signalled investor caution even as the float ranks among London’s largest recent IPOs amid tentative signs of revival in the city’s primary market. Mixed market reactions to recent listings underlined uneven investor appetite for new issues.