Economy

Bakkavor revives plans to float in London

Bakkavor revives plans to float in London”

A week ago, Bakkavor said it would not proceed with the offering, joining United Kingdom communications-infrastructure provider Arqiva Group in scrapping an IPO amid volatility in the London market.

However it said on Friday that it was now going to go ahead and float 25 percent of the firm at a price of 180 pence per share, valuing the company at 1.04 billion pounds ($1.37 billion).

The new terms will also see the offer price slashed from a mooted 195p per share to 180p share.

Bakkavor has applied for admission of its shares to the premium listing segment of the official list of the Financial Conduct Authority and to trading on the LSE's main market for listed securities.

"This IPO represents a significant milestone in the development of Bakkavor", said Agust Gudmundsson, chief executive of Bakkavor.

"Our passion for making the best tasting fresh prepared food, underpinned by our expertise and our focus on innovation, has made Bakkavor the clear leader in an attractive and fast-growing market".

"We look forward to learning a bit more about the business as the disclosure documents become public and wish the company well as a new listed entity".

Bakkavor's fresh prepared foods include dips, sauces, soups, salads and pizzas, which it sells under the own brands of Tesco, Marks and Spencer, Sainsbury's and Waitrose.

The firm's Icelandic founders Agust and Lydur Gudmundsson and U.S. hedge fund Baupost will retain a majority 75% stake following admission to trading next week, with institutional investors also set to join the share register.

The company revived its IPO plans after being approached by a number of institutional investors, the person added.

Last week TV and mobile infrastructure firm Arqiva "postponed" plans for a £6 billion London listing as it bemoaned "market uncertainty".



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