Princes Group PLC on Wednesday reported the price range for its initial public offering in November, when the company is expected to join the FTSE 250 index.
The Liverpool, England-based canned goods seller plans to raise up to £400 million by offering 84.2 million new shares, priced between 475 pence and 590p each. A further £60 million may be raised by selling 12.6 million more shares, if the over-allotment option is exercised.
The price range published on Wednesday implies a market capitalisation between £1.16 billion and £1.42 billion on admission. Earlier this month, Princes said it was targeting a market cap of about £1.5 billion.
Based on its estimated free float, and the fact that Princes is listing on the equity shares (commercial companies) category of London’s Main Market, it will be eligible for the FTSE 250 index on admission.
The company added that majority shareholder NewPrinces Spa has made a non-binding commitment to subscribe for up to £200 million in shares, ‘to be scaled through the price range, at the final offer price.’
Outside of the offer, Princes non-executive directors have entered subscription agreements, subject to a 360-day lock-up after admission. NewPrinces has entered 180-day lock-up arrangement, alongside Princes Chair and ‘ultimate beneficial owner’ Angelo Mastrolia.
Princes was acquired by Milan-listed NewPrinces, previously Newlat Food Spa, in July 2024, 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.
Princes plans to release an IPO prospectus on Wednesday. It expects conditional trading to begin by the end of October, and admission to the Main Market on November 5.
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