Simpson Thacher & Bartlett and Sullivan & Cromwell have scored lead roles on the $4.7bn (£3.1bn) initial public offering (IPO) of Suntory Holdings's non-alcoholic drinks arm, Suntory Beverage & Food (SB&F).

The Japanese drinks giant received approval to launch the IPO for its subsidiary business last week, which it plans to list on the Tokyo Stock Exchange in July with 125.2m shares for sale at Y3,800 (£24.72) each.

The offering is understood to be the largest in the Japanese capital since that of Japan Airlines last September for $8.5bn (£5.6bn), with proceeds to be used for the Suntory's overseas expansion.

Representing the Osaka-based issuer is Simpson Thacher & Bartlett, who has fielded a team led by Tokyo capital markets partner Alan Cannon to provide US securities counsel.

One of Japan's big four law firms Mori Hamada & Matsumoto, is acting alongside the US firm to provide local law advice, with partners Toru Ishiguro and Taro Omoto heading up.

Acting for underwriters Nomura Holdings, Morgan Stanley, and JPMorgan is Sullivan & Cromwell, alongside another big four Japanese law firm Anderson Mori & Tomotsune.

Leading a team for Sullivan is its co-head of Japan, capital markets expert Izumi Akai, whilst Bengoshi partner Hironori Shibata is overseeing for the Japanese firm.

Suntory Holdings is Japan's second largest drinks manufacturer, with key brands including Orangina Schweppes and Frucor Beverages.

It is among a number of Japanese drinks suppliers currently mulling overseas expansion in a bid to offset the impact of a shrinking domestic market.

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