New Princes: Food giant gears up for £700m City listing
International food operations giant New Princes is gearing up for a blockbuster listing on the London Stock Exchange – a move City officials hope will spark a wave of new flotations.
The Italian-owned business – which makes Princes Tuna and produces Flora and Branston products – is approaching investors regarding the backing of an IPO that would allow the firm to split off its food arm.
The firm is expected to be valued at at least £700m, with an Autumn target pencilled in, according to The Sunday Times.
New Princes, formerly known as Newlat food, is already listed on the Milan Stock Exchange – where both its main group and dairy arm are traded.
The company rebranded from Newlat to NewPrinces after acquiring the Princes food business from Mitsubishi for £700 million in 2024.
The anticipation of a City float comes amid mounting speculation a fleet of firms will look to list in the next year.
New Princes to kick off flurry of IPOs
Specialist lender Shawbrook was reported last month to be lining up a London IPO in the second-half of the year.
The bank – which is owned by private equity firms BC Partners and Pollen Street – is pressing ahead with plans that target a valuation of as much as £2bn, according to the Financial Times.
Meanwhile Klarna-challenger Zilch has remained bullish on plans for a London float.
Speaking at an Innovate Finance summit in October 2024, the fintech’s chief executive Philip Belamant said: “We’re a British business. We’re born here, the headquarters is here, we’re going to be doubling the size of the staff – we’re hiring more than 400 people over the next year and a half here in the UK – and our customer base today is here.
“So we think wouldn’t it be fantastic for businesses to list here. We think that is the right thing.”
Earlier this year fintech darling Monzo was the subject of widespread IPO speculation after Sky News reported the bank was close to hiring investment bankers to spearhead a blockbuster public listing valued at more than £6bn.
But the fintech’s board of directors and chief executive TS Anil are said to be split over whether to pursue a London listing or look overseas to Wall Street.