LONDON (Reuters) - DP Eurasia, the Domino's Pizza (>> Domino's Pizza, Inc.) franchise holder in Russia and Turkey, 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.

A successful listing would boost confidence in the ability of private equity firms to take advantage of Turkey's comparatively strong economic growth and young population, despite concerns over a political crackdown which has pressured the lira currency .

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

Shares in DP Eurasia's British-based counterpart, Domino's Pizza Group (>> Domino's Pizza Group PLC.), trade on a 14.87 multiple of enterprise value to forecast EBITDA, according to Reuters data.

Morgan Stanley is acting as global co-ordinator and joint bookrunner on the listing, with conditional trading in the shares due to start on June 28.

(This story corrects final paragraph to say the start of conditional trading takes place on June 28, not the listing, and corrects paragraph 3 to make clear Saranga was already chief executive in 2010.)

(Reporting by Dasha Afanasieva; Editing by Greg Mahlich)

Stocks treated in this article : Domino's Pizza, Inc., Domino's Pizza Group PLC.