10th Oct 2025 09:25
(Alliance News) - Canned tuna maker Princes Group PLC on Friday confirmed plans to float on the London Main Market in November, with a spot in the FTSE 250 index likely to follow.
The Liverpool, England-based firm expects to begin trading by the start of next month, targeting a GBP1.5 billion market capitalisation upon admission.
It will list in the equity shares (Commercial Companies) category, making it eligible for inclusion in the FTSE UK indices. The firm can be considered for the FTSE 250 or FTSE 100 at the next quarterly review, which is in December. The mid-cap FTSE 250 index is the most likely based on its predicted valuation, which would place it in the upper half of that index. FTSE 100 companies have market caps above GBP3 billion.
The final price of the initial public offering will be determined after a bookbuilding process, Princed said, with proceeds intended for acquisitions to continue inorganic growth.
The company reported GBP2.1 billion in pro forma revenue in 2024, and pro forma adjusted earnings before interest, tax, depreciation and amortisation of GBP122.3 million.
Back in July last year, Princes was acquired by Milan-listed NewPrinces Spa, previously Newlat Food Spa, though the UK remains its largest market. It has conditionally agreed to buy Symington's Ltd, Newlat GmbH and Princes France SAS from NewPrinces, prior to going public.
Its portfolio includes Branston, Flora, Napolina and own-brand products such as Princes tuna. Princes currently operates in seven countries.
It has appointed BNP Paribas London branch as its listing sponsor. Its joint coordinators and bookrunners are BNP Paribas, Rabobank, Peel Hunt, UniCredit Bank Milan Branch and Societe Generale.
Current Princes stockholders are expected to agree to lock-up arrangements, preventing share disposals for the period immediately following admission.
By Holly Munks, Alliance News reporter
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.