(Reuters) -Princes Group is considering an initial public offering on the London Stock Exchange, the British food and beverage company said on Friday, in what could be a boost for Britain’s struggling IPO market.
Liverpool-based Princes Group owns brands such as Princes Tuna, Branston Pickle, Napolina Pasta and Naked Noodle and generated 2.1 billion pounds in pro forma revenues in 2024.
The company, which was acquired by NewPrinces S.p.A in July last year, did not provide details on the number of shares it plans to offer in the IPO or how much it plans to raise.
London IPO market is on track for its lowest ever number of listings this year, with several companies – including Unilever’s ice cream business – opting to list overseas, hoping for better valuations.
However, there have been signs of a potential pick up in activity, with Beauty Tech Group making its London market debut on Friday and British bank Shawbrook considering filing for an IPO in the coming days, according to sources.
“As we did with the successful listing of Newlat Food in 2019, we are not selling any shares. Instead, we are raising new capital to accelerate our growth strategy,” Princes Group Chair Angelo Mastrolia said in a statement.
(Reporting by DhanushVignesh Babu and Yadarisa Shabong in Bengaluru; Editing by Mrigank Dhaniwala and Janane Venkatraman)
