Canned Food Firm Princes Seeks Up to £400 Million in UK IPO (1)

Princes Group Plc said it’s looking to raise up to £400 million ($535 million) in its initial public offering, which is poised to be London’s biggest first-time share sale for a local company since 2021.

The company, a subsidiary of Milan-listed NewPrinces SpA, is offering as many as 84.2 million new shares at a price range of £4.75 to £5.90 apiece as it looks to raise funds for more acquisitions, according to a statement on Wednesday.

NewPrinces shares fell as much as 20% to €19.56 apiece in Milan trading, the sharpest decline since it went public in 2019. NewPrinces ...