Princes Group will be valued at between £1.16bn and £1.24bn when it floats on the London Stock Exchange at the end of the month.
The Liverpool-headquartered food company revealed this morning it had set the price range for the upcoming IPO at 475p to 590p per share.
The offer of just more than 84 million new ordinary shares will raise primary capital of up to £400m to support Princes’ acquisition-focused strategy.
Another 12.6 million shares could also be sold depending on demand thanks to an “over-allotment” option, which would raise up to an additional £60m.
Princes is targeting institutional investors in the UK and elsewhere (outside the US), alongside “qualified institutional buyers” in the US.
Retail investors in the UK will also have a chance to invest in the flotation.
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Princes Italian parent group, known as New Princes (formerly Newlat), will subscribe for up to £200m in new shares in the float as a show of its ‘strong’ belief in the long-term strategy.
Princes Group is expected to start trading on the main market of the LSE by the end of October. Immediately following admission to the London market, the company will have a free float with a number of shares available for public trading.
A prospectus linked to the IPO is set to be published later today.
Princes is working with BNP Paribas, Rabobank, Peel Hunt, UniCredit Bank and Société Générale on the IPO.
Princes confirmed its intention to float earlier this month after setting out its plans on 3 October.
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