Grocery Supplier Princes Plans to Raise $537 Million in London Debut

Princes Group plans to raise 400 million pounds ($536.84 million) in its London IPO to fund expansion, the grocery supplier said, targeting a lower-than-anticipated valuation of up to 1.24 billion pounds in a sluggish UK IPO market.

The Liverpool-based company owns Princes Tuna, Napolina Pasta and Naked Noodle - staples in UK supermarkets - and has become one of Europe's biggest grocery suppliers in recent decades through nearly two dozen acquisitions and mergers.

The 145-year-old group, owned by Italian food and drinks maker NewPrinces since May last year, said on Wednesday that it was aiming for a market valuation of 1.16 to 1.24 billion pounds, below the 1.5 billion pounds initially expected, as previously reported by Reuters.

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