ISTANBUL, May 1 (Reuters) - The Turkish unit of Coca Cola , soon to list on the stock market, expects feasibility studies on expanding production into northern Iraq to be completed in a matter of weeks, it said on Monday.
The firm, which is collecting offers on May 3-5 for an initial public offering worth 302 to 377 million lira ($229-286 million), is already selling soft drinks with a local partner in northern Iraq, and is now studying starting production there.
"I think the feasibility studies will be completed in a matter weeks rather than months," Michael O'Neill, CEO of the unit, told Reuters.
He said the firm, which also has operations in Jordan, would invest 183 million lira this year, although that figure did not include possible investments in northern Iraq, which enjoys relative security compared to other parts of the country.
Coca Cola Icecek became the biggest bottler of soft drinks in Turkey and central Asia last year after buying a 51.9 percent stake in Efes Sinai Yatirim Holding from its main stakeholder Anadolu Efes .
The IPO, the unit's third attempt to list after a deal flopped in late 2004, will value the whole company at $1.13 to $1.42 billion.
The company, which posted a 15 percent rise in sales in 2005 to $1.2 billion, is offering the market 20.16 percent of its capital.
Including a greenshoe option that would increase to 23.18 percent, with the value of the deal rising to 347 to 434 million lira. The shares will be priced at 6.0 to 7.5 lira.
Foreign investors will be allocated 68 percent of the offer, 29 percent will go to local investors, 2 percent to local institutions and 1 percent to employees, the firm said on Monday.
The IPO comes after two other sizable offerings in Istanbul, which have had mixed success. Shares in Vestel White Goods , listed last month, have fallen below their offer price while shares in pharmaceutical distributor Selcuk Ecza were trading 24 percent above their offer price on Monday.
Credit Suisse and Is Investment are coordinating the Coca Cola flotation.