Russian food service firm Dodo Brands targets 2024 IPO

MOSCOW, March 3 (Reuters) - Russian food service operator Dodo Brands said on Wednesday it is planning an initial public offering in early 2024, the latest firm in the country to eye a listing with stock markets lifted by post-pandemic recovery hopes.

Dodo Brands said the plan was part of a wider strategy to develop its three food ventures - Dodo Pizza, Drinkit and Doner 42 - over the next three years and achieve earnings before interest, tax, depreciation and amortisation (EBITDA) of at least $30 million in 2024.

It also said it would issue rouble-denominated bonds in Moscow next year or seek financial investment as an interim step towards the stock market listing.

Russian retailers have benefited from soaring demand for their services during the COVID-19 pandemic, with online retailer Ozon launching a successful IPO late last year. Cut-price retailer Fix Price is targeting a similar success this week.

"We set ourselves aggressive, but realistic goals for the next three years," said CFO Kirill Vyrypaev in a statement. "The bond issue in 2020 will be an opportunity for capital markets to familiarise themselves with our company and for us to attract funds for scaling the business."

Revenue grew by 27% year-on-year in 2020 to 25.72 billion roubles ($348 million), the company said. Its main brand, Dodo Pizza, has more than 680 outlets in 14 countries, including the United States, China and Europe.

Dodo Brands said focusing on expanding into large international markets, such as the United Kingdom, could help it reach a target of doubling its total revenues and crossing the 60-billion-rouble mark in 2023.

($1 = 73.8825 roubles)

(Reporting by Vladimir Soldatkin, Anastasia Teterevleva and Alexander Marrow; Editing by Kirsten Donovan)