Turkven to float DP Eurasia after seven-year holding

DP Eurasia, which owns and controls Domino's Pizza outlets in Russia, Turkey, Georgia and Azerbaijan, will float on the London Stock Exchange.

DP Eurasia has around 500 stores in Turkey and 70 in Russia, and employs 7,500 people. Domino's Pizza Turkey, the oldest of the Eurasian franchises, set up its first outlet in 1996.

The price range for the offer has been set at 200-230 pence per share, implying a market capitalisation of between £291-331m.

The company is mostly owned by Fides Food Systems, owned by Turkven's 2007 fund Turkish Private Equity Fund II. It obtained the franchise rights to Domino's Pizza in Turkey in 2010, before acquiring the rights in Russia in 2013, and adding Azerbaijan and Georgia in 2014.

The flotation will involve the sale of part of the shares held by Fides Food Systems and Vision Lovemark, an entity owned by the company's chief executive, Aslan Saranga. The mid-point of the price range equates to an expected offer size of £203m and an expected free float of more than 65%.

Morgan Stanley and Citi are joint bookrunners on the IPO.

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• Turkven Private Equity
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