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Britvic floated on Friday at 230p a share, at the middle of its expected price range, valuing the second-biggest maker of soft drinks in the UK after Coca Cola at about £494m ($862m).

The company also increased the size of its offer from about 153m shares to 181m . In November, it set the initial public offering price range at 210p-250p.

Three of Britvic’s four shareholders - InterContinental Hotels Group, Whitbread and Pernod Ricard - have sold about 181m shares, or about 84 per cent of the stock issued by the company. Whitbread said it would receive gross proceeds of £117.3m from the sale.

Whitbread and Pernod Ricard have disposed of the whole of their interest in the company. InterContinental, the biggest shareholder, sold 77 per cent of its stake and granted an over-allotment option over a further 23m shares. InterContinental said that if it exercised that option in full, disposing of its entire holding, it would result in total proceeds of about £235m.

Pepsi, the fourth shareholder in Britvic, has retained its 5 per cent stake. Britvic has exclusive rights to distribute Pepsi brands in the UK for the next two decades. It makes Pepsi and 7UP in the UK, and the brands account for about 40 per cent of its total sales by volume.

“We are delighted that the global offer has been so well received and we welcome the new shareholders,” said Paul Moody, Britvic’s chief executive.

“The high level of interest demonstrates that investors recognise the potential within Britvic and have confidence in our ability to drive future growth. We look forward to starting life as a public company and to delivering value to our shareholders.”

Shares in Britvic had risen 3p to 233p in early trade in London.

Copyright The Financial Times Limited 2017. All rights reserved.
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