* Cultiba plans to use proceeds from offering to pay down debt
* Shares up 0.63 percent on Tuesday
MEXICO CITY, Jan 22 (Reuters) - Mexican Pepsi bottler and sugar producer Cultiba plans to price a $331 million stock offering on Jan. 30, an official close to the deal said on Tuesday.
Cultiba, previously known as Geupec, in November said it would sell shares to raise capital and pay down debt.
The company plans to issue up to 112,705,622 shares at a price of between 35 and 40 pesos, raising up to 4.2 billion Mexican pesos ($331.17 million), according to a filing with Mexico's stock exchange.
Shares in Cultiba, which reported sales of 31.448 billion pesos in the year through September, closed up 0.63 percent at 40.25 pesos.
The company exclusively distributes Pepsi-brand drinks in Mexico, in addition to producing and selling its own and third-party brand beverages. Cultiba also produces and sells sugar.
The offering will be the first major deal for Mexico's stock market this year.
Stock exchange president Luis Tellez said he expects at least five initial public offerings in 2013. That would mark a turnaround for the bourse, which has struggled to attract new listings in recent years.