Superbank, the Indonesian digital lender backed by Emtek, Grab, Singtel and KakaoBank, has begun its IPO process to raise up to 3.06 trillion rupiah as it accelerates its expansion, strengthens capital, and builds on rapid growth in customers, lending and ecosystem-driven digital products.
PT Super Bank Indonesia, better known as Superbank, has formally begun its journey towards going public, filing its prospectus with the Indonesia Stock Exchange (IDX) this week. Backed by an influential line-up of shareholders — Emtek Group, Grab, Singtel and South Korea’s KakaoBank — the digital-first lender is seeking to cement its place in the country’s rapidly evolving banking sector.
According to the filing, the bank aims to raise up to IDR 3.06 trillion($183 million) through the sale of as many as 4.41 billion new shares, equivalent to 13% of its enlarged capital. Shares will be offered in a price range of IDR 525 to IDR 695 each. This marks a refinement of earlier reports suggesting a larger offering of as much as 5.2 billion shares at a wider price range of IDR 500 to IDR 1,030.
The book-building period is scheduled from 25 November to 1 December 2025, with the public offer set to run from 10 to 15 December. Superbank plans to debut on the IDX under the ticker “SUPA” on 17 December, subject to securing regulatory approval from the OJK on 8 December. The offering will be handled by an underwriting syndicate comprising Mandiri Sekuritas, CLSA Sekuritas Indonesia, Trimegah Sekuritas Indonesia and Sucor Sekuritas.
Superbank intends to channel roughly 70% of the proceeds into strengthening its capital base and expanding lending, particularly credit supported by its partner ecosystem. The remaining funds will go towards working capital, loan book growth and technology infrastructure.
The bank’s improving financial performance has added momentum to the IPO. It posted a pre-tax profit of IDR 80.9 billion in the third quarter of 2025, reversing losses from the previous year, helped by a 176% year-on-year surge in net interest income to IDR 1.1 trillion. Since launching its mobile app in June 2024, Superbank has amassed five million customers, with average daily transactions rising by more than 40% quarter-on-quarter. Much of this traffic has been driven by ecosystem-linked products such as OVO Nabung by Superbank, which leverages the Grab and OVO user communities.
Loan disbursements grew by 84% year-on-year to IDR 9.04 trillion, pushing total assets up 70% to IDR 16.5 trillion. Third-party deposits more than tripled to IDR 9.8 trillion, signalling stronger funding momentum as customer numbers expand. Even so, the bank acknowledges that its rapid revenue growth is heavily tied to its alliances with Grab, OVO and Emtek — relationships that could expose it to concentration risks if any partner shifts strategic priorities.
Superbank’s current digital push is the latest phase in a long evolution. Founded in 1993 in Bandung as PT Bank Fama International, the institution operated as a conventional bank for decades before entering a transformative phase. After joining the Emtek Group in 2021, the bank attracted Grab and Singtel as strategic shareholders in early 2022, followed by KakaoBank in 2023. It rebranded to Superbank in 2023, relocated its headquarters to Jakarta and set about rebuilding itself as a digital-native lender focused on retail and MSME customers.
Throughout 2024, the bank has rolled out a series of new savings and lending products designed to strengthen customer engagement. These include Saku by Superbank, which allows users to create up to eight personalised savings pockets with attractive rates, and Celengan by Superbank, an automated micro-savings feature that rounds up daily transactions into a high-interest stash. It has also launched flexible deposit products with tenors starting from just seven days, alongside Pinjaman Atur Sendiri (PAS), a fully digital unsecured loan that lets borrowers customise their loan size and tenure. Its collaboration with OVO has produced OVO Nabung, converting users’ digital wallet balances into interest-earning savings.
As Indonesia’s digital banking sector becomes increasingly competitive, Superbank’s forthcoming IPO is set to be a major test of investor confidence in the country’s new generation of technology-driven lenders.
