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£1bn Bakkavor set for floatation

Bakkavor has confirmed the successful pricing of its initial public offering (IPO) of 144 million shares, 25% of the company, at 180p each, valuing it at £1bn.

The ready meals manufacturer's shares should start trading at 8.00am on 16 November 2017.

The news has surprised the financial world as it comes after Bakkavor had pulled its plans to float on 3 November.

Simon Burke, Independent Non-executive Chairman of Bakkavor, (pictured) 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.”

Agust Gudmundsson, CEO of Bakkavor, said, “This IPO represents a significant milestone in the development 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 are pleased that this has been recognised by the investor community and look forward to delivering further growth and success as a listed business.”

Bakkavor was founded in 1986. It makes ready meals, salads, desserts, bread and hummus for Tesco, Marks & Spencer, Sainsbury’s and Waitrose. The group has 19,000 employees, operating 26 factories in the UK, three in the US and eight in China.