The company that runs Pizza Hut Indonesia plans an IPO that could raise as much as US$150 million.

Sriboga Raturaya has taken on advisers for a listing of its foodservice and restaurant franchising unit, which also runs the Japanese noodle chain Marugame Udon.

Shares could go on sale in Jakarta in the first half of next year, insiders say.

Indonesia’s pizza market is forecast to expand to IDR8.81 trillion ($650 million) by 2021, up from IDR5.76 trillion last year, according to Euromonitor International. Pizza Hut had more than 70 per cent of the market last year, followed by Domino’s with 6.1 per cent.

First-time stock sales in Southeast Asia’s largest economy raised $683 million this year, down from $1.03 billion for the same period last year, according to Bloomberg.

Sriboga Raturaya, which started as a producer of wheat flour in 1995, also has interests in education, logistics and making food ingredients.