Liverpool-based grocery giant Princes Group has listed on the London Stock Exchange (LSE), raising £400 million in one of the UK’s biggest initial public offerings (IPOs) in recent years.
The maker of household staples including Napolina pasta, Branston baked beans, and Crisp ’n Dry cooking oil began trading on 31 October with a market capitalisation of around £1.16 billion. Shares were priced at 475p, the lower end of the marketed range, in what analysts said reflected a cautious investor mood despite growing optimism around London’s IPO market.
Shares opened modestly higher but later pared gains, with trading closing on Friday at 475.02p – almost exactly in line with the offer price.
The listing marks a major milestone for the Liverpool-headquartered company, which posted pro forma annual revenues of £2.1 billion. Princes, founded in 1880, has become one of Europe’s leading food and drink suppliers through a series of acquisitions, with four major deals completed in the past year alone.
The group operates across five core business units – Foods, Fish, Italian, Oils, and Drinks, offering a broad portfolio of both branded and customer own-brand products. With 23 production facilities across the UK, continental Europe, and Mauritius, supported by 21 warehouses and distribution centres, the business exports to over 60 countries and serves more than 8,000 customers worldwide, including major retailers, foodservice operators, and B2B partners.
Under the terms of the IPO, parent company New Princes S.p.A., formerly Italy’s Newlat Food, remains the majority shareholder with an 82.7 per cent stake valued at roughly £200 million. The family office of New Princes’ executive chair Angelo Mastrolia also purchased shares worth about £54.7 million.
Mastrolia said listing in London was a “natural step” for the group.
“Around 70 per cent of our revenues come from the UK, which remains our largest and most dynamic market,” he said. “London offers deep liquidity, a world-class regulatory environment, and access to a broad international investor base, making it the ideal home for our next stage of growth.”
Princes CEO Simon Harrison said the IPO would help accelerate expansion.
“Princes has a proud history of growth and innovation,” he said. “This IPO on the London Stock Exchange is the next logical step in that growth journey. This will help us fuel our expansion plans that will benefit not only our customers, but also everybody who works here at this great business.”
The company plans to use proceeds from the share sale to fund further acquisitions, aiming to add £1 billion to £1.5 billion in incremental revenue over the medium term.
Business and Trade Secretary Peter Kyle, who attended the LSE debut, hailed the listing as a “great British success story” and a vote of confidence in the UK’s capital markets. He said the government’s reforms to modernise listing rules were helping London reassert its status as a leading financial centre.
“With the FTSE 100 continuing to trade close to all-time highs, we’re making sure the UK is the best place in the world for businesses to start, scale, list and stay,” he said. “I want this to just be the start – with more firms following in their footsteps and choosing London as the financial home for their thriving futures.”
Princes’ market debut follows several other major listings in 2025, including Shawbrook, Metlen and The Beauty Tech Group, as London shows signs of renewed IPO activity.