InterContinental Hotels Group (IHG), Whitbread and drinks company Pernod Ricard have revealed the price range of Britvic shares ahead its planned floatation.

The soft drink supplier’s shares were given a price range of 210p to 250p per ordinary share. This gives the company a market value of between £451m and £537m.

Britvic, which has more than £200m-worth of debt is due to be floated on the London stock market before Christmas. 

IHG, which holds a majority 47.5% stake in Britvic, reached agreement with the other shareholders last year to float the soft drinks business between January 2005 and December 2008. 

Whitbread and Pernod Ricard, who each hold a 23.5% stake, will sell their interests but PepsiCo will retain its 5% share.

IHG gained its holding in Britvic when it demerged from Six Continents (formerly Bass) in 2003.

The group wants to concentrate on managing and franchising hotels and it hopes to complete the flotation shortly after its extraordinary general meeting on 7 December.

Bob Ivell, chairman of Regent Inns, will be a non-executive director of the newly-floated company.

By Emily Manson

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