Ukrainian supermarket chain Furshet could launch an IPO in 2009 to finance an aggressive expansion.

The retailer wants to expand its network to 112 stores this year from 66 currently. By 2009, it hopes to own 169 shops in the Ukraine and Moldova.

Furshet delivered a 38% net sales jump to US$481m in 2006 thanks to the booming Ukrainian retail market as a healthy economy boosts consumers spending.

Furshet estimated the market is worth $28bn a year and that it has huge potential.