Grab-backed digital lender Superbank targets up to 3.1 trillion rupiah in December IPO

[JAKARTA] Superbank, the Indonesian digital lender backed by Grab and a group of regional tech and telecom giants, has announced plans to raise as much as 3.1 trillion rupiah (S$241.8 million) through an initial public offering (IPO) in mid-December, marking one of the country’s biggest fintech listings in recent years.

The bank published its abridged prospectus in Investor Daily on Tuesday (Nov 25), outlining a plan to issue about 4.4 billion new shares – equivalent to roughly 13 per cent of its enlarged capital – at a price range of 525 rupiah to 695 rupiah per share.

The offering is expected to raise between 2.3 trillion rupiah and 3.1 trillion rupiah, depending on the final pricing.

The bank said 70 per cent of the IPO proceeds will be used to support working capital needs, mainly to expand its loan book. The remaining 30 per cent will be allocated for capital expenditure.

The bank plans to conduct book building from Nov 25 to Dec 1, 2025. The offering period will run from Dec 10 to 15, with a targeted listing on the Indonesia Stock Exchange on Dec 17, 2025.

This will also mark the first major listing of a digital-only bank in Indonesia since the sector gained traction during the pandemic, as technology and telecom groups sought to build financial ecosystems around their platforms.

Analysts said Superbank’s rapid loan expansion and improving funding base will make its IPO a key test of investor appetite for Indonesia’s digital banking sector, which is becoming increasingly crowded with players such as Gojek-backed Bank Jago, Bank Neo Commerce and Sea Group’s SeaBank.

“If priced at the top of its range, Superbank’s debut could set a benchmark for future tech-backed financial listings in Indonesia, which is emerging as South-east Asia’s most active market for digital banking,” Stockbit Sekuritas analysts said in its note.

Mandiri Sekuritas, CLSA Sekuritas, Trimegah Sekuritas and Sucor Sekuritas have been appointed as joint underwriters for the deal.

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Grab’s super arm

Superbank, formerly known as Bank Fama, has been aggressively expanding since Singapore’s Grab, Singtel, South Korea’s KakaoBank and local conglomerate Elang Mahkota Teknologi joined its shareholder ranks in 2023.

The lender has focused on supplying credit to underserved consumers and small businesses through digital channels, leveraging data insights from Grab’s ecosystem.

The ride-hailing and delivery giant has been building out its fintech ecosystem across South-east Asia, with digital banking seen as a key growth driver.

Grab Holdings has an indirect stake in Superbank through three entities: Kudo Teknologi Indonesia, A5-DB Holdings and GXS Bank, according to company disclosures as at August 2025.

Following the IPO, Superbank’s major shareholders will include Elang Media Visitama – a subsidiary of Elang Mahkota Teknologi – with 27.1 per cent ownership.

Meanwhile, Kudo Teknologi Indonesia will hold 16.7 per cent, A5-DB Holdings 10 per cent, GXS Bank 10.4 per cent, South Korea’s KakaoBank 8.7 per cent, and Singtel Alpha Investments 7.3 per cent.

The planned listing comes as the bank’s financial performance shows a sharp turnaround. Superbank swung to a net profit of 60.13 billion rupiah in the third quarter of 2025, compared with a loss of 285.74 billion rupiah in the same period a year ago.

Loan disbursement surged 84 per cent year on year to 9.03 trillion rupiah, driving interest income up more than three times to 1.49 trillion rupiah. Total assets climbed 70 per cent to 16.54 trillion per cent.

Third-party funds grew nearly three times to 9.81 trillion rupiah, reflecting stronger customer acquisition and higher confidence in the bank’s digital services.

Indonesia has posted 24 IPOs so far this year, generating US$921 million as the market shifts towards larger offerings. The volume of listings remains well below the 79 deals recorded at the 2023 peak.