RHM, maker of Hovis bread and Mr Kipling’s pies has raised £475m of gross proceeds as a result of its initial public offering.

The company’s share price has been set at 275p.

Commenting on the Global Offer, Ian McMahon, chief executive of RHM, said: “We are delighted that RHM’s IPO has attracted such strong support among leading UK and international institutional investors. We have a clear strategy to continue RHM’s transformation into the leading UK focused food company and we are determined to create value for our shareholders by executing this strategy successfully.”