Indonesian noodle maker Indofood Sukses Makmur has said it wants to raise $100-150m through an initial public offering of shares in its flour-milling unit.

“We want to get $100-$150m from the IPO. About how much of a stake we have sell to get it will depend on the market,” Franciscus Welirang, Indofood’s vice president director, told Reuters.

Welirang had previously said the company aimed to sell a 10% stake in Bogasari, which owns the world’s two largest flour milling plants.

Last year Bogasari recorded a net profit of 378.06bn rupiah (US$39.7m), down 37% from the previous year due to foreign exchange losses, reported Reuters.