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London\u2019s latest stock exchange debut from tinned tuna group Princes has had a lukewarm reception from investors despite the new UK business secretary hailing its flotation as \u201cpart of an energetic turnaround of our economy\u201d.<\/p>\n
Princes, a manufacturer of tinned fish, chopped tomatoes and cooking oil, priced its shares at 475p, at the bottom of the range, giving it a market capitalisation of \u00a31.16bn compared to early hopes of a \u00a31.5bn valuation<\/a>. <\/p>\n Shares were down 1 per cent on Friday morning after rising in early trading. The start of trading was being closely watched in the City following reports of a \u201csoft\u201d level of interest from some funds.<\/p>\n Princes\u2019 listing comes just a day after shares in Shawbrook surged in its \u00a31.9bn debut<\/a> and follows LED light mask maker The Beauty Tech Group, which went public at the start of the month although its shares have slipped since its debut. <\/p>\n The trio of listings have delivered a spark of life to the moribund London market, which this year had trailed the Angolan stock exchange in the value of capital raised.<\/p>\n Peter Kyle, who was made business secretary in last month\u2019s cabinet reshuffle, welcomed Princes\u2019 listing and said the trio marked a \u201cdiverse set of businesses that are choosing London\u201d. <\/p>\n \u201cThis is all part of an energetic turnaround for our economy and the beating heart of a free-market economy that is the stock exchange,\u201d he said.<\/p>\n It is unusual for government ministers to be called on to promote individual stock market debuts. The last to do so was Rishi Sunak, when as chancellor in 2021 he publicly welcomed Deliveroo\u2019s IPO as a \u201ctrue British tech success story\u201d hours before its share price tumbled by a quarter on its first day of trading in one of London\u2019s worst stock market debuts<\/a>.<\/p>\n Kyle said that he was championing the Princes IPO because he wanted to be more \u201cenergetic\u201d and take a \u201cmore entrepreneurial approach to being secretary of state\u201d.<\/p>\n He then added: \u201cAlso, I do love Princes\u2019 tuna. As somebody who is totally hook, line and sinker \u2014 forgive the pun \u2014 into health and wellbeing and high protein foods, a week does not go past in my life when I am not tucking into a can of tuna at some point.\u201d <\/p>\n Kyle said the London Stock Exchange had \u201csuffered through the years of chaos and reputational damage of previous administrations\u201d, including the impact of Brexit and \u201cwe can capitalise on the stability that\u2019s returning to the economy\u201d.<\/p>\n The LSE has suffered from a listings drought over the past three years. In the year to September just $210mn was raised from London IPOs compared with $52.8bn in New York over the same period.<\/p>\n Kyle predicted more IPOs next year, adding that \u201cavalanches start with a flurry\u201d. Potential London listings include Monzo, Visma<\/a>, CFC<\/a> and LoveHolidays.<\/p>\n