PepsiCo bottler Varun Bevarages has announced that its initial public offering (IPO) will open on 26 October and close on 28 October.

The value of the IPO is estimated to be at Rs10bn ($149m) and the price of each share has been set at approximately Rs445.

India-based Varun Beverages intends to use the proceeds from the IPO to repay part of debt of Rs17bn ($253m), which funded its expansion plans over the last few years.

Its owners Ravi Jaipuria and his son Varun will each sell five million shares in the IPO.

The company will also sell 15 million new shares.

"Its owners Ravi Jaipuria and his son Varun will each sell five million shares in the IPO."

The IPO is being managed by Kotak Mahindra Capital, Axis Capital and CLSA India and YES Securities (India), reported International Business Times.

In India, its bottling and distribution accounts for approximately 45% of the PepsiCo’s volumes.

The company is the only bottler and distributor for almost all of the northern and eastern parts of India.

In its IPO document, the company was quoted by Livemint as stating: “We strategically target territories that either have significant growth opportunities for PepsiCo products or are located in close proximity to our existing licensed territories and sub-territories.

It is working with PepsiCo to look for strategic consolidation opportunities.