Grab-backed Super Bank said to consider Jakarta IPO this year
The Jakarta-based company may seek a valuation of US$1.5 billion to US$2 billion in a potential listing
SUPER Bank Indonesia is considering an initial public offering that may take place in Jakarta as soon as this year, according to people familiar with the matter.
The digital banking company, part of Indonesian conglomerate Elang Mahkota Teknologi, is seeking to hire banks to work on a potential share sale that could help it raise US$200 million to US$300 million, the people said, asking not to be identified discussing private information. The Jakarta-based company may seek a valuation of US$1.5 billion to US$2 billion in a potential listing, the people said.
Super Bank’s backers also include app platform Grab, Singtel and KakaoBank, according to its website. It traces its roots back to 1993, when it was known as Bank Fama International.
Deliberations are preliminary and may not result in a deal, the people said, adding that details such as value and size could still change.
Representatives for Emtek, as Elang Mahkota Teknologi is known, and Singtel didn’t immediately respond to requests seeking comment. Grab and KakaoBank declined to comment. Super Bank’s head of corporate finance and investor relations Ekaputra Aditya said the company “can’t comment on rumours or speculations.”
Emtek has businesses in sectors including media and digital, health care, technology, digital infrastructure and financial services. Its shares have lost about 8 per cent in the past 12 months, giving the company a market value of US$1.9 billion.
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