Tuna brand Princes unveils plans for London IPO
The Italian owner of canned-tuna and ready-meals group Princes has announced plans to list the company on the London Stock Exchange.
03 October 2025 16:14:20
Source: Sharecast
NewPrinces, the Reggio Emilia-based food conglomerate listed in Milan, released an 'expected intention to float' letter on Friday which called a "pivotal moment" for Princes Group.
"The UK is our largest market and the home of an experienced leadership team: this decision reflects our long-term confidence in the business, the strength of our management, and the scale of the opportunity ahead of us," said NewPrinces executive chair Angelo Mastrolia.
The move comes just one year after NewPrinces' own parent company Newlats purchased Princes from Japan's Mitsubishi Corporation.
NewPrinces will remain a majority shareholder and won't sell any shares as part of the flotation, but use the new capital raised to "support Princes Group’s inorganic growth strategy through further acquisitions".
While no pricing details have yet been revealed, Sky News reported that the company could fetch a valuation of around £1.5bn.
Princes, which along with its namesake canned fish brand owns other brands including Napolina, Branston, Batchelors, generated revenues of £2.1bn in 2024 and £1.0bn in the first half of 2025.
"This transaction is intended to provide clarity to the capital markets by separating the manufacturing operations of Princes Group, as presented in the IPO Perimeter, from the vertically integrated FMCG activities retained within NewPrinces," NewPrinces said.