Princes Group makes subdued stock market debut in London

Hopes were high in the City as Princes Group—the renowned supplier behind Princes tuna and Crisp N Dry cooking oil—began trading on the London Stock Exchange with a valuation of £1.16 billion. Despite raising about £420 million and valuing the business £416 million above last year’s takeover price, shares under ticker PRN opened with a fleeting 1 per cent rise before dipping and ultimately closing at their starting price.

Shares were priced at 475p, settling at the lower end of the company’s previously announced range between 475p and 590p. The result, while significant for the Liverpool-based owner of Napolina pasta, did little to lift overall market confidence or signal a strong revival in London’s initial public offerings. Comparatively, in the year to September, the London market has secured just $210 million from IPOs, lagging far behind New York’s $52.8 billion.

Despite the muted debut, the listing drew praise from business secretary Peter Kyle, who has made revitalising Britain’s capital markets a political priority. He called the series of recent listings—including alternative lender Shawbrook and Beauty Tech Group—a positive start and urged an entrepreneurial approach. Kyle highlighted pending potential debuts from companies such as Monzo, Visma, CFC, and Loveholidays as building momentum for London’s financial scene.

The Princes Group story began in 1880 in Liverpool, founded by William Simpson and Frank Roberts. Now one of Europe’s largest grocery suppliers, the business was acquired by Milan-listed NewPrinces—formerly Newlat Food—for £700 million only last year. Executive chair Angelo Mastrolia pointed to London’s liquidity, robust regulation and broad international investor base as key reasons for choosing the city to support their next phase of expansion.

In recent years, Princes has grown considerably through a series of acquisitions and mergers. Company documents detail plans to target between £1 billion and £1.5 billion in added revenues over the medium term, leveraging future deals. Pro-forma revenues for last year already stand at an impressive £2.1 billion, indicating a solid foundation for future ambitions.

Despite subdued market reaction, the Princes Group flotation has kept the spotlight on London’s race to reclaim its place as a premier destination for ambitious companies eyeing public markets.