Suntory Holdings Ltd's food and soft drinks unit was set to price on Monday. This will transpire through an initial public offering that could raise as much as US$4.8 billion. This will also make it as the biggest IPO in Asia this year. It would also bolster the company's war chest for overseas acquisitions. 

The initial public offering of the unit is a test of investor appetite for new listings. Suntory Beverage and Food Ltd was set for IPO at a time of high volatility in the Japanese stock markets. Suntory will use the funds it acquired to drive with a focus on fast growing Southeast Asia. 

Last week, Suntory Beverage said that it had set an indicative range of Y3000 to Y3800 per share piece. This is a relatively wide band in refelection to the current volatility in the stock market. About 40% of the outstanding shares are offered.