What could be the largest IPO in India in nearly three years is percolating. KKR-backed Coffee Day Enterprises, a Starbucks competitor in the Indian market, started the public bookbuilding on Wednesday, The Deal's Jonathan Braude reports. Coffee Day is the parent company of Cafe Coffee Day, among other businesses. Cafe Coffee Day is based in Bangalore and has 1,423 outlets in India. Coffee Day Enterprises set a pricing range of 316 Indian rupees to Rs328 ($4.87 to $5.05) a share. It is seeking to raise up to a total of Rs11.5 billion from the offering. On Tuesday night, the company said it allocated 10.38 million shares to a set of anchor investors, including BlackRock India, Icici Prudential, Reliance Life Insurance Co., Merrill Lynch Capital Markets, Platinum Asia, Axis Mutual Fund and Swiss Financial Corp. The anchor investors will pay 322 rupees a share, or Rs3.34 billion. The IPO will include allocations for domestic and international institutional investors and a retail offering for Indian investors.