Superbank, a digital bank formed through a partnership between Grab and PT Elang Mahkota Teknologi Tbk (EMTK), is reportedly planning to list its shares on the Indonesia Stock Exchange (BEI) through an initial public offering (IPO) by the end of 2025.

Preparations for the IPO have been ongoing for some time. In October, the bank reportedly began testing investor interest in the capital market.

Four Securities Appointed for Superbank Listing

Sources indicate that Superbank has appointed four securities firms to manage the IPO: PT Mandiri Sekuritas, PT CLSA Sekuritas Indonesia, PT Trimegah Sekuritas Indonesia Tbk, and PT Sucor Sekuritas. CLSA Sekuritas will act as the joint global coordinator.

When contacted, Sucor Sekuritas CEO Bernadus Wijaya declined to comment, saying, “I cannot comment, wait on the e-IPO website for the companies that will list later.”

The IPO process is expected to start in late November and continue for about a month, with the listing planned for mid-December.

IPO Allocation and Use of Funds

Superbank plans to offer around 15% of its paid-up capital at a maximum share price of IDR 1,050. According to Stockbit Sekuritas, approximately 70% of the IPO proceeds will be used as working capital for credit distribution, while the remainder will fund capital expenditure.

The current ownership of Superbank consists of EMTK via PT Elang Media Visitama at 31.11%, Grab via PT Kudo Teknologi Indonesia at 19.16%, A5–DB Holdings at 11.52%, GXS Bank at 12%, KakaoBank at 9.95%, and Singtel Alpha Investments at 8.46%.

Strong Financial Performance Drives Investor Interest

Superbank has shown significant growth in 2025. By the third quarter, the bank recorded a pre-tax profit of IDR 80.9 billion, while net interest income grew 176% year-on-year to IDR 1.1 trillion.

President Director Tigor M. Siahaan attributed this performance to a digital-first strategy. Since launching its digital app in June 2024, the bank has reached 5 million users, with daily transaction activity increasing more than 40% compared to the previous quarter.

Credit rose 84% YoY to IDR 9.04 trillion, assets grew 70% to IDR 16.5 trillion, and third-party funds increased 203% to IDR 9.8 trillion. Efficiency also improved, with the cost-to-income ratio dropping to 70.14% and net interest margin rising to 10.64%. Non-performing loans remained controlled, with gross NPL at 2.83% and net NPL at 1.21%, while the loan-to-deposit ratio stayed around 92%.

Strategic Partnerships and Market Positioning

Superbank’s collaboration with Grab, OVO, and Emtek strengthens its reach to retail and underbanked customers. The bank’s integration with these digital ecosystems provides strategic advantages in expanding financial inclusion.

Tigor stated, “We are committed to delivering digital innovation that meets community needs, allowing us to grow with customers and generate broader positive impacts.”

The bank’s solid performance and ecosystem partnerships make it a strong candidate for BEI’s lighthouse company selection for 2025.

PHOTO: SUPERBANK

This article was created with AI assistance.