Shares of Varun Beverages, the leading bottler of beverage major PepsiCo, surged 5% to their high of Rs 595.65 on the BSE as the company announced that its qualified institutional placement (QIP) opened on Wednesday.“We wish to inform you that pursuant to the approval accorded by the Board of Directors of the Company (the “Board”), at its meeting held on October 9, 2024, and the shareholders of the Company, pursuant to the special resolution passed on November 8, 2024, the Management Committee at its meeting held today i.e. November 13, 2024 (started at 8:50 P.M. and concluded at 9:00 P.M.), inter alia, considered and approved the following: a. Opening of the Issue today i.e. November 13, 2024,” said the company in a filing to the stock exchanges.The floor price for the issue has been fixed at Rs 594.56 per share, which is a discount of 1.5% to the company’s closing price on Wednesday.In October, the company announced its plans to raise Rs 7,500 crore from the market through the QIP route to fund its growth plans.Additionally, as per the new developments, Varun Beverages shares also remain in focus as the stock has been added to the list of F&O stocks.Also read: Niva Bupa Healthcare IPO shares to debut today. Check GMP to know listing potentialPepsico’s bottling partner reported a 22.3% year-on-year (YoY) jump in its net profit at Rs 628.83 crore for the third quarter ended September 2024.The same stood at Rs 514 crore in the corresponding period of the last financial year and the same has increased by 24.5% for the 9 months ended September 2024.The company also reported a revenue growth of 24.1% YoY to Rs 4,804.68 crore in Q3CY24.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)