Suntory Holdings is listing its food & soft drinks unit

Suntory Holdings is listing its food & soft drinks unit

Suntory Holdings aims to raise JYN388bn (US$4bn) when it lists its food & soft drinks unit next week.

The Japanese company was expected to seek a higher price for its initial public offering (IPO), but in a filing to the Tokyo Stock Exchange (TSE) today (24 June) set a listing price of JYN3,100 per share. Suntory is to sell as many as 125.2m shares ahead of its TSE listing on 3 July.

Suntory Holdings, which is 90% owned by the Suntory family, will retain at least 59.5% of the food and beverage unit, while its alcohol division, which brews Suntory beer and owns the Yamazaki whisky brand, is to stay in private hands.

The Osaka-based group has said it plans to use the IPO proceeds to pay back bank debts for past acquisitions and make strategic investments at home and abroad.

Suntory acquired Orangina Schweppes for EUR2.6bn in 2009 and New Zealand beverage maker Funcor Group later the same year.