Tinned tuna-owner Princes to unveil £1.5bn London float

The Italian-owned business which produces Princes Tuna and the Napolina food brand will unveil plans within days for a London stock market listing expected to value it at about £1.5bn.

Sky News has learnt that New Princes - owned by the Italian food company Newlat - was on Thursday applying the finishing touches to an announcement about its intention to float on the London Stock Exchange. City sources said a statement was likely to be issued on Friday morning.

Money latest: Energy giant handing out £2,000 grants - if you apply It will come more than four months after Sky News revealed that Newlat, which only acquired the Princes portfolio last year, had appointed a syndicate of investment banks to pave the way for the listing. BNP Paribas and Peel Hunt are leading the deal, with Unicredit and Rabobank also said to be involved.

New Princes is likely to raise a substantial sum by issuing new shares in the initial public offering, which The Sunday Times reported last weekend would also target retail investors. The company produces tinned fish and fruits, as well as a range of soft drinks and sunflower oil under the Flora brand.

Princes was bought from Japan's Mitsubishi Corporation amid competition from private equity bidders. "A potential IPO may provide a tangible opportunity to fully drive the growth potential of the food & drinks business, while also enabling the business to secure additional financial resources to accelerate its external growth strategy," Newlat said in May.

If successfully completed, a listing of New Princes would deliver a fillip to the London Stock Exchange, which has been starved of prominent new listings in the last couple of years. Sky News revealed several weeks ago that Shawbrook Group, the bank, was in talks with institutional investors about a potential autumn float.

New Princes has been contacted for comment..