Tuesday's initial offering price of $23 a share for the 100 million shares was at the low end of the expected price range of $23 to $26. The offering, led by underwriter Merrill Lynch, includes an overallotment of an additional 15 million shares.
PepsiCo Bottling shares fell 1 15/16 to close at 21 11/16.
The No. 2 drink maker set plans for the spinoff to compete with archrival Coca-Cola (KO).
Coca-Cola shares slumped 2.4 percent Tuesday to close at 63 1/4 after the company warned that worldwide sales could drop as much as 2 percent in the first quarter. Several analysts then cut the stock's rating.
Pepsi Bottling Group makes and distributes such PepsiCo beverages as Mountain Dew, Lipton's Iced Tea and Slice. It accounts for 55 percent of all PepsiCo products sold in North America.
Pepsi Bottling is listed under the symbol "PBG" on the New York Stock Exchange.
Written By Debra McGarry, CBS MarketWatch