Australian brewing and wine group Foster's said today that the indicative application price for institutions in its initial public offering of its Australian Leisure & Hospitality Group is expected to be in the range of A$2.00 to A$2.50.

The total number of ordinary shares available under the offer for the pubs, clubs and liquor retail business is 352.5 million.

Following its listing on the Australian Stock Exchange, ALH is expected to have a market capitalization of between A$705m and A$881m.