Malaysia's Maxis eyes $3.4 bln in IPO

* Institutional book more than two times oversubscribed

* Narrows final price to between 5.00-5.20 rgt/shr

* Biggest IPO in Southeast Asia for more than a decade

(Adds detail on price, background)

By Julie Goh and Saeed Azhar KUALA LUMPUR/SINGAPORE, Nov 9 (Reuters) - Maxis Bhd, Malaysia's biggest mobile phone operator, looks set to raise over $3.3 billion in its initial public offering, the biggest IPO in Southeast Asia for more than a decade.

The institutional book -- which included funds such as Fidelity, Aberdeen and Malaysia's biggest pension fund -- was "well covered" at above 5.00 ringgit a share, sources with knowledge of the matter told Reuters on Monday.

"The institutional portion is definitely oversubscribed by more than two times for a price above 5.00 ringgit," said one source from one of the banks involved in the deal.

This means the IPO could raise between 11.25 billion Malaysia ringgit ($3.31 billion) to 11.7 billion ringgit for its parent which is selling 30 percent of its existing share capital to reduce debt and finance operations in India and Indonesia.