The sell-off was expected, say analysts

Coca Cola Icecek which has five production plants in Turkey has not said how much it aims to raise from the issue, which is scheduled for June.

It says it has invested $500m in the subsidiary over the last decade and that last year sales reached $556m.

"The Coca Cola offering has been expected for a long time," said analyst at Koc Investment Fusun Bektas.

Leading Turkish beer producer Anadolu Efes has a 33% stake in the firm, while the Anadolu Group has a 40% stake.