NEW DELHI: Varun Beverages, the franchisee bottler for PepsiCo promoted by RJ Corp, on Wednesday, filed a draft red herring prospectus with the Securities and Exchange Board of India (Sebi) for its maiden initial public offer (IPO).
The company is looking to raise in excess of Rs 1,000 crore through the offer, a person aware of the developments, told ET.
A statement issued by RJ Corp said the IPO will entail sale of up to 2.5 crore shares of Rs 10 each, including fresh issue of 1.5 crore shares and offloading stake by promoters.
In addition, there would be an offer for sale of up to 50 lakh shares each by Varun Jaipuria and Ravi Jaipuria and Sons, the statement added. Investors in Varun Beverages include Standard Chartered Private Equity and Aion Capital Partners.
Varun Beverages operates over 20 bottling plants for PepsiCo across India, South Asia and Africa. In addition, promoter RJ Corp is a franchisee for Yum Restaurants-owned KFC and Pizza Hut, UK coffee chain Costa Coffee and Singapore-based tea salon firm TWG. It also owns the South IndianBSE -0.50 % restaurant chain Vaango and ice-cream brand Cream Bell.