By Taiga Uranaka

(Reuters) - The Tokyo Stock Exchange is set to approve a listing for the food and non-alcoholic beverage unit of Suntory Holdings Ltd as soon as Wednesday, a source with direct knowledge of the process told Reuters.

The clearance would set the stage for an initial public offering that the company says could raise as much as 500 billion yen ($5 billion), in what is expected to be Japan's largest IPO of the year.

The Osaka-based drinks maker is set to use the funds from the listing to fund acquisitions and growth in overseas markets.

(Reporting by Taiga Uranaka; Editing by Kevin Krolicki and Edwina Gibbs)

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