(Reuters) -Princes Group is targeting a valuation of up to 1.24 billion pounds ($1.66 billion) for its London debut, the Liverpool-based legacy food brand said on Wednesday, becoming the latest company to test investor appetite in a sluggish IPO market.
The company, which owns brands such as Princes Tuna, Napolina Pasta and Naked Noodle, is seeking an estimated 1.16-billion to 1.24-billion-pound market valuation with a share price range of 475 pence to 590 pence, putting it among some of the largest listings the city has seen in recent years.
Princes, acquired by NewPrinces S.p.A last year for 700 million pounds, will offer up to 84.2 million new shares to raise up to 400 million pounds in primary capital to fund acquisitions.
The company added that its majority shareholder, NewPrinces S.p.A., has indicated its intention to subscribe for up to 200 million pounds worth of shares at the final offer price.
($1 = 0.7451 pounds)
(Reporting by Yamini Kalia in Bengaluru; Editing by Sherry Jacob-Phillips)
