Vapiano, the German restaurant chain, is preparing a stock market listing which may value the group at about 600 million euros (£512m) including debt, according to Reuters.

It reports that the group’s owners, which include some of Germany’s wealthiest families, have asked investment banks to pitch for roles in the planned 2017 listing in Frankfurt, with the funds from the proposed flotation to be used toward its further global expansion.

The restaurant chain, which specialises in Italian food, is expected to post full-year EBITDA of 30-35 million euros in 2017 and hopes to reap a valuation of up to 20 times that

That would be roughly in line with listed peers such as UK-based Domino’s Pizza, which trades at 19.2 times its expected core earnings.

While it has not yet been decided how large a stake will be sold in the initial public offering, sources said a possibility discussed was to offer shares worth 200 million euros.

The Vapiano franchise, set up in Hamburg in 2002, currently has 175 restaurants in 31 countries, 74 thereof in Germany. It employs more than 10,000 staff. It currently operates four sites in the UK, three in London and one in Manchester.

Vapiano’s largest shareholder is Guenter Herz, former owner of retail chain Tchibo, who bought a 44% stake in 2011. Vapiano founder Gregor Gerlach owns 30%, while Hans-Joachim Sander, a former owner of shampoo producer Wella , owns 26%.