Indonesian noodle maker Indofood CBP Sukses Makmur, is to raise US$700m in the country’s largest IPO in two years, according to reports.

It it understood that the deal was nine times oversubscribed, bankers have said, showing that Indonesia remains a hot market for investors.

Indofood CBP, a unit of PT Indofood Sukses Makmur, priced its shares at IDR5,395 (US$0.600), near the top end of the IDR4,300-5,500 pricing range.

It offered up to 1.166bn new shares, or 20% of its enlarged capital in the IPO, according to a filing, and was set to raise 6.29tn rupiah.

The pricing values it at about $3.48bn and about 19 times 2011 earnings, according to Reuters.

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