Britvic has set a price range for its market flotation next month.

The soft drinks group said today (25 November) that shares will be priced between 210-250p. The valuation gives the company an enterprise value between GBP771m (US$1.326bn) and GBP857m.

The company's largest shareholder, InterContinental Hotels, holds 47.5% of the group while Whitbread and Pernod Ricard each hold 23.75%. The final 5% is held by PepsiCo. InterContinental, Whitbread and Pernod will sell three-quarters of their holdings, or around 71% of the total issued share capital of the group, equating to around 153m shares. PepsiCo plans to keep its holding.

Whitbread has also said that, assuming a 75% sell down of its 23.75% stake, the group will get gross proceeds of GBP80.3m to GBP95.6m excluding any over-allotment shares. The float price range will give Whitbread a market capitalisation of between GBP451m and GBP537m, before debt of GBP320m.

Each of the company's 3,000 employees will be given free shares worth GBP750, making a total windfall for its staff of GBP2.25m.

Citigroup and Deutsche Bank are managing the IPO, which is expected to be launched on or around 9 December.

The Britvic stable includes Robinsons and Tango, while the company also has a licence agreement with PepsiCo over the Pepsi and 7Up brands.