Indonesian digital banking player PT Super Bank Indonesia (Superbank)—backed by Emtek Group, Grab, Singtel, and KakaoBank Corp—has officially kicked off its initial public offering process, according to the company’s IPO prospectus filed with the Indonesia Stock Exchange (IDX) on Tuesday.
The bank plans to raise as much as 3.06 trillion rupiah (around $183 million) through the sale of up to 4.41 billion new shares, representing 13% of its enlarged capital post-IPO. The price range has been set at 525-695 rupiah apiece ($0.031-0.041).
DealStreetAsia had earlier reported that Superbank plans to issue up to 5.2 billion new shares, representing 15% of its enlarged capital post-IPO, at an offer price ranging from 500-1,030 rupiah apiece ($0.02-0.06).
The book-building process runs from November 25 to December 1, 2025, followed by the public offering window open from 10-15 December. Superbank expects to list its shares on the IDX on December 17, 2025, contingent on obtaining an effective registration from the OJK on December 8, under ticker SUPA.
The offerings are underwritten by Mandiri Sekuritas, CLSA Sekuritas Indonesia, Trimegah Sekuritas Indonesia, and Sucor Sekuritas.
According to its filing, Superbank plans to channel its IPO proceeds primarily around 70% towards strengthening capital and expanding its lending capacity, including credit growth supported by its digital ecosystem partners. The remaining 30% would be allocated towards working capital, loan book expansion, and technology infrastructure needs.
The bank booked 80.9 billion rupiah in profit before tax in Q3 2025, reversing losses from a year earlier, as net interest income surged 176% YoY to 1.1 trillion rupiah. It has reached 5 million customers since the launch of its app in June 2024.
Average daily transactions rose over 40% from the previous quarter, supported by ecosystem-linked offerings such as OVO Nabung by Superbank, which taps into the Grab and OVO user base.
Loan disbursements grew 84% YoY to 9.04 trillion rupiah, lifting total assets by 70% YoY to 16.5 trillion rupiah. Third-party deposits increased 203% YoY to 9.8 trillion rupiah, signalling stronger funding traction amid customer expansion.
Superbank attributes its revenue expansion to continued credit growth across its retail digital products and the scaling of partnerships within the Grab, OVO, and Emtek ecosystem, which creates concentration risks if either partner alters strategic direction or commercial arrangements.
