Philip Morris hopes to raise up to $5bn from the initial public offering of US food giant Kraft, the Financial Times reports. Phillip Morris announced last June that it would raise $5bn-$10bn by selling a 10-15 per cent stake in the maker of Kraft cheese and Oreo cookies. The lower figure suggested Philip Morris would sell a relatively small stake, analysts said. Food analysts said investor interest in Kraft was likely to be strong, because of its size and the calibre of its brands. They estimate the company could be worth $60bn. Philip Morris intends to create two classes of Kraft stock, which will be listed on the New York Stock Exchange. It will retain 100 per cent of the class B shares, which will carry 10 times the voting rights of the shares on offer to other investors.