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Jun, 17 2017

Dominos's Pizza franchise owner in Turkey, Russia Eurasia aims $442 mn valuation in London floatation

The mid-point of the price range for DP Eurasia amounts to an expected offer size of 203 million pounds and an expected free float of more than 65 percent, including the exercise of the over-allotment option

DP Eurasia, the Domino's Pizza franchise holder in Turkey, Russia, Azerbaijan and Georgia, is set to float on the London Stock Exchange.

The company has set a price range of between 200 and 230 pence a share for its initial public offer on the London Stock Exchange, implying a market capitalisation of up to 331 million pounds ($422 million).

The mid-point of the price range for DP Eurasia, which is Domino's fifth largest master franchise, amounts to an expected offer size of 203 million pounds and an expected free float of more than 65 percent, including the exercise of the over-allotment option.

DP Eurasia, which was acquired in 2010 by local private equity firm Turkven and Chief Executive Aslan Saranga, currently operates 571 stores, the bulk of which are in Turkey with some in Russia, Azerbaijan and Georgia.

The company plans to open around 70 new stores this year, around 30 in Turkey, Azerbaijan and Georgia and 40 in Russia and about 70 to 90 more stores every year in the medium term.

DP Eurasia's earnings before interest, tax, depreciation and amortisation (EBITDA) increased to 75 million lira ($21.43million) in 2016 from 25 million lira in 2014, during a period in which the lira fell sharply against the dollar.

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