FMCG
Sebi Approves PepsiCo Bottler Varun Beverages’ IPO Request
The securities and exchange board of India or Sebi as it is commonly known, has given one of PepsiCo’s bottlers’ Varun Beverages approval for an IPO of Rs.1000 crore. In a statement confirming the same, Varun Beverages said the date of the IPO is yet to be decided.
About Varun Beverages
Founded by Ravi Kant Jaipuria, Varun Beverages is the world’s second largest PepsiCo bottler. Operating using the franchisee model, it produces a wide range of carbonated soft drinks under the PepsiCo brand including Pepsi, Diet Pepsi, Seven-Up, Miranda, Mountain Dew as well as packaged drinking water.
Varun Beverages has been associating with PepsiCo since the 1990’s and has franchise rights for several PepsiCo products in Sri Lanka, Nepal, Morocco, Mozambique and Zambia.
Clearing Debts Through The IPO
The company plans to put 15 million shares up during the IPO and is looking to raise around Rs.700-750 crores for them.
Using this money, the company will pay portions of outstanding debts.
The company is currently conducting investor road shows, following which it will launch the IPO.
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