Princes Group floats at £1.16bn valuation

(Sharecast News) - Food and beverage company Princes Group said on Friday that it was floating at a valuation of £1.16bn - the lower end of its targeted range. The company, well-known for its tinned tuna, said it had priced its shares at 475p each, having previously announced a range of 475p to 590p.

The offer comprises just over 84.2 million new ordinary shares to raise about £400m of gross proceeds, "to support the company with further inorganic growth via acquisitions".

Chief executive 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."

On Thursday, lender Shawbrook floated at £1.9bn, having previously announced a range of £1.8bn to £2bn.