Shares in Princes Group received a lukewarm reception as it made its £1.2bn London stock market debut.
The tinned tuna maker, which also produces Branston baked beans and Napolina olive oil, floated at 475p a share. Princes boss Simon Harrison said the debut ‘marks a defining moment’ in the group’s 150-year history.
Its share price was at the bottom end of a previously announced valuation range – but it still struggled to make headway, ending the day flat.
Princes is part of a recent flurry of London initial public offerings (IPOs).
Lukewarm reception: The tinned tuna maker, which also produces Branston baked beans and Napolina olive oil, floated at 475p a share
The debut came a day after challenger bank Shawbrook, which had a better start with a rise of 7 per cent, though also struggled for traction yesterday ending 1 per cent, or 4p, down at 391p.
Beauty Tech, another recent IPO, has had a tricky first few weeks, with its shares closing down 2.2 per cent, or 6p, at 265p on the day, and below its IPO price of 271p.
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