 Investors have been keen to grab a slice of the company |
Shares in RHM, which makes Hovis bread and Mr Kipling's cakes, have risen on their first day of trading after the firm was valued at more than �950m. The shares were priced at 275 pence a share ahead of their market debut, giving RHM an initial market capitalisation of �958m ($1.67bn).
In conditional trading on Tuesday, its shares rose to 292 pence.
The company - formerly known as Rank Hovis MacDougall - is returning to the stock market after a 13-year absence.
The flotation is the UK's fourth largest by market value this year.
RHM has sold about 63% of its shares to corporate investors in the UK, Europe and the United States.
The remainder of the business will continue to be owned by private equity firm Doughty Hanson and by the company's management.
Currying favour
The Buckinghamshire based firm's stable of products also includes Saxo salt, Sharwood's curry sauces and Bisto gravy.
Ian McMahon, RHM's chief executive, said he was "delighted" with the support the listing had received from investors.
"We have a clear strategy to continue RHM's transformation into the leading UK focused food company and we are determined to create value for our shareholders by executing this strategy successfully," he said.
RHM is following in the footsteps of Premier Foods, owner of Branston pickle and Ambrosia, which debuted on the market last year.
RHM was taken over by Tomkins, the industrial conglomerate, in 1992.
Management led a buyout in 2000 backed by Doughty Hanson.
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We have a clear strategy to continue RHM's transformation into the leading UK focused food company
