New Princes, the Italian-owned food giant behind Princes Tuna, Flora, and Branston, is preparing to list its food division on the London Stock Exchange this autumn.
The company, which rebranded after buying the Princes brand from Mitsubishi last year, aims for a valuation of at least £700 million. This move is expected to unlock value by separating its food arm from the dairy business already listed in Milan.
City officials hope the New Princes float will kickstart a fresh wave of London listings. Other companies such as lender Shawbrook and fintech firms Zilch and Monzo are also eyeing London IPOs. Monzo’s plans remain uncertain between London and New York.
Glencore’s recent decision to keep its London listing comes as a welcome boost to the Exchange. Despite a first-half loss this year, the FTSE 100 miner believes staying in London is best for shareholder value. This contrasts with other large firms that have recently shifted their primary listings overseas.
The New Princes flotation will be closely watched as a test of London’s ability to attract new public companies.