Cazenove and Merrill Lynch, brokers to InterContinental Hotels Group, are favourite to win the mandate for Britannia Soft Drinks, which the hotel concern is keen to float.

Both banks have a strong track record in UK equity capital markets. Merrill was ranked number one in the league tables for UK equity issuance last year, according to Dealogic, the investment banking research firm, with a market share of 14.9%. Cazenove was fourth with an 8.4% market share.