Princes Group has said the offer will comprise new ordinary shares, with net proceeds used to fuel further inorganic growth via acquisitions.
Headquartered in Liverpool, Princes Group operates 23 production facilities and owns brands such as Princes, Napolina, Branston, and Flora.
This confirmation follows a proposal made last week by the company, with Princes Group CEO Simon Harrison saying a listing on the LSE is a “a natural next step” for the business.
“Beyond providing access to capital to execute our M&A ambitions, it will provide a platform to accelerate growth by expanding our product portfolio and expertise, extending our international reach, and attracting top talent as we continue building for the future,” he added.
The final offer price will be determined following a bookbuilding process. It is currently expected that trading will commence by the end of October.
Princes is said to be targeting certain institutional investors and retail investors; however, its parent company New Princes Group (formerly Newlat) will keep a majority stake in the business.
Angelo Mastrolia, executive chair of Princes Group, added: “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 and support the transformation of Princes into a truly diversified and multinational food & beverage group.”
Immediately following admission, it is understood that the company expects it will have a free float that will make it eligible for inclusion in the FTSE UK indices.
The company appointed BNP Paribas, Rabobank, Peel Hunt, and UniCredit as joint global co-ordinators and joint bookrunners; and Société Générale as joint bookrunner in the event that the offer proceeds.
Princes was acquired from Mitsubishi Corporation by Newlat in 2024 for £700 million, prompting a rebrand for its parent company to ‘New Princes Group’.
In the year to 31 December 2024, it generated £2.1 billion in pro-forma revenue. According to its latest Companies House accounts (9 months ending 31 December 2024), it currently employs around 2,227 people (including temps).
