Food processor Bakkavor has decided to list its shares on the UK stock market after all after seemingly abandoning plans to float last week.
On 3 November the firm changed its mind about floating on the London Stock Exchange, citing current volatility in the market. But it has now decided to go ahead and list its shares due to investor demand – albeit at a lower price.
The supplier previously wanted at least 195p per share, but it has now lowered its offer price to 180p, giving the company a market value of just over £1bn.
The initial public offering (IPO) is for roughly a quarter of the company’s shares.
Independent non-executive chairman Simon Burke said: “The board and I are delighted to welcome our new shareholders. It is particularly pleasing that our initial register has such a strong presence of well-respected long-term investors, reflecting an appreciation of the quality of the business and its long-term prospects.”
Shares in Bakkavor are due to begin trading on 16 November.
Bakkavor supplies a range of products including fresh cut salads and fruit and smoothies to customers including Tesco, Marks & Spencer, Sainsbury's and Waitrose.
The group has 26 factories in the UK, three in the US and eight in China.