The recent announcement regarding Princes Group’s price range for its share offer has generated significant interest, with the price now set at the lower end, at 475p to 590p per Ordinary Share. This decision results in a market capitalization of approximately £1.162 billion.
The offering includes around 84 million new Ordinary Shares, which aims to raise approximately £400 million. This capital will fuel further growth initiatives through acquisitions.
Angelo Mastrolia, executive chair of Princes Group, emphasized that the company has identified “a strong pipeline of potential acquisitions” that can be pursued “in a short timeframe.”
In discussing the decision to list on the London Stock Exchange, he stated that this move aligns naturally with the group’s goals. He highlighted, “Around 70% of our revenues come from the UK, which remains our largest and most dynamic market.”
Furthermore, he noted: “London offers deep liquidity, a world-class regulatory environment, and access to a broad international investor base, making it the ideal home for our next stage of growth.”
Business and Trade Secretary Peter Kyle attended Princes Group’s market debut at the LSE, describing the listing as a ‘Great British success story’ and encouraging more companies to follow suit.
London remains the primary listing choice for UK and international companies. Notably, 91% of UK-incorporated public company IPOs occurred in the UK from 2017 to 2022.
This vibrant city serves as the leading hub for global capital and boasts the largest equity capital market in Europe. Over the past two decades, it consistently ranks among the world’s top exchanges, outperforming all other European centers annually.
Following the official admission to the stock exchange, Princes Group will have 245 million Ordinary Shares outstanding. Approximately 2.9 million of these will be allocated to retail investors, raising around £14 million.
If the company opts for an over-allotment, potential total proceeds could rise to £420 million.
Major stakeholders include NewPrinces, which has subscribed for about £200 million worth of Ordinary Shares, and Newlat Group, which has invested £54.7 million.
Consequently, a free float of 13% is anticipated.
Simon Harrison, CEO of Princes Group, remarked: “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.”
He continued, “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.”
Looking ahead, he concluded: “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.”
