The Indonesian pizza market is forecasted to expand to $650 million by 2021, according to Euromonitor International.

Meanwhile, the biggest pizza chain in Indonesia is planning a domestic initial public offering that could raise as much as $150 million, according to a recent article in Bloomberg.

Euromonitor data shows that Pizza Hut is the most popular pizza restaurant operator in Indonesia, accounting for more than 70% of the market last year.

PT Sriboga Raturaya, which runs outlets of Pizza Hut and Japanese noodle chain Marugame Udon, has picked advisers for a listing of its food service and restaurant franchising unit. The business could sell shares in Jakarta as early as the first half of 2018, according to sources, says Bloomberg.