Shares in Princes Group PLC will start trading on the London Stock Exchange today, Friday 31 October, after the food group raised at least £400 million in its initial public offering.
At the issue price of 475p, the owner of brands including Princes, Batchelors and Napolina tinned food, as well as Olivio, Flora and Crisp n Dry edible oils, the group has a market valuation on debut of £1.16 billion.
The IPO, which included a £14 million raised by a Retail Book offer, also includes a possible over-allotment option, which if exercised in full could see the fundraising increase to £420 million.
Major shareholder NewPrinces SpA, the Italian food producer spun out of Parmalat and listed in Milan, and NewPrinces executive chairman Angelo Mastrolia, via his Newlat family office, together hold an 87% stake, giving a 13% free float before the overallotment option.
NewPrinces subscribed for roughly £200 million worth of the shares in the IPO and Mastrolia's Newlat for £54.7 million, with both signed up to a lockup agreement for 180 days.
Mastrolia, who is also executive chair of Princes Group, said the London listing "is just the beginning of what we expect will be a period of exciting growth and value creation for Princes".
He added: "As majority shareholder, NewPrinces has invested in the IPO alongside new investors, demonstrating our shared commitment and confidence in the company's future success."