The continued weakness in global stock markets means shares in C&C are likely to be priced towards the bottom of the price range when it floats on Friday, market sources said yesterday.

The softness in share prices is likely to strengthen the position of investors keen to drive a hard bargain to partake in the IPO (initial public offering), they said.

C&C, which is making its second attempt at a flotation having had to abandon its first try in 2002 due to weak stock markets, has set a price range of €2.26 to €2.74 for the float.

This would place a value of between €723 million and €877 million on the drinks and snack company.

"It's a good company, it has good brands and is a prodigious cash generator," one analyst said.

"On balance, a fund manager should not be afraid to take it on but they are likely to be fussy about the price."

But others wondered if the bottom of the indicative price range might be tested with the company forced to adjust its price range downward, particularly if stock markets remain weak again today.

"It's a distinct possibility," said another market source. "The markets they are in are not growth markets."

C&C management continued its investor roadshow yesterday, meeting fund managers in Paris, Amsterdam and Germany. They return to London today for meetings with a number of key investors ahead of the 5 p.m. deadline for receipt of bids.

A decision on pricing and allocation will then be taken with the stock due to begin conditional dealing on the Irish Stock Exchange from 9 a.m. on Friday.