Princes Group targeting £1.2bn valuation in London IPO

(Sharecast News) - Food and beverage company Princes Group said on Wednesday that it was targeting a valuation of between around £1.16bn and £1.24bn in its London IPO. The company, well-known for its tinned tuna, said the price range for the offer has been set at between 475p and 590p per ordinary share.

Princes - which confirmed its intention to float on 10 October - said the offer comprises up to 84.21m new ordinary shares to raise primary capital of up to £400m to support the company with further inorganic growth via acquisitions.

In addition, up to a maximum of just over 12.63m new ordinary shares may be sold pursuant to an over-allotment option to raise up to £60m.