Canned Tuna Firm Princes Said to Seek £400 Million in London IPO

Packaged food company Princes Group Plc is considering raising around £400 million ($538 million) in its initial public offering in London, according to people familiar with the matter, in what could be UK’s largest such offering by a local company in four years.

The firm, known for the canned tuna brand that shares its name, is targeting a market capitalization of around £1.5 billion after the fundraise, said the people, who requested anonymity discussing private information. An existing shareholder loan will also be converted into equity as part of the transaction, the people said.

No final decision has been made, ...