Indonesia’s Grab-backed Superbank surges on debut, triggers trading halt

[JAKARTA] Shares of Indonesia’s Superbank surged on the counter’s debut on Wednesday (Dec 17), forcing a temporary trading halt after the Grab-backed digital lender breached the Indonesia Stock Exchange’s auto-reject limits.

Buoyed by strong investor appetite for the country’s booming digital banking sector, Superbank’s shares opened at 790 rupiah, jumping 24.4 per cent above their initial public offering (IPO) price of 635 rupiah.

Superbank, backed by Grab and a consortium of regional technology and telecommunications groups, raised around 2.7 trillion rupiah (S$208.9 million) from the listing, slightly below its initial fundraising target of 3.1 trillion rupiah.

Tigor Siahaan, president director of Superbank, said the bank has rapidly built a customer base since its transformation into a digital lender, gathering around five million customers in a relatively short period.

“Following this listing, we will continue to serve Indonesians everywhere and provide the banking services they deserve,” he said during the listing ceremony.

Formerly known as Bank Fama, Superbank has expanded aggressively since 2023, when Singapore-based Grab, Singtel, South Korea’s KakaoBank and Indonesian conglomerate Elang Mahkota Teknologi (Emtek) joined its shareholder roster.

The bank leverages its shareholders’ digital ecosystems, including ride-hailing, e-commerce and payments platforms, to acquire and engage customers.

By June 2025, the bank had generated 904 billion rupiah in revenue and posted a net profit of 30.4 billion rupiah.

The company said about 70 per cent of the IPO proceeds will be allocated to working capital to support loan disbursement, particularly to small and medium-sized enterprises (SMEs).

SEE ALSO

Grab-GoTo merger could be ‘colossal’ for Indonesia’s fintech hopefuls, say analysts

The remaining 30 per cent will be used for capital expenditure, rolled out gradually from 2026 over the next five years, including investments in product development and information technology infrastructure.

Analysts view Superbank’s IPO as promising, citing its strong ecosystem backing from its investors, as well as improvements in its fundamentals, although they caution that the bank remains at an early stage of its growth.

They highlight growth potential driven by its SME customer base, while also noting risks from intense competition and near-term profitability pressures.

Analysts from Mirae Asset Sekuritas viewed the IPO valuation as competitive, with a price-to-book value broadly in line with other digital banks.

Following the listing, the Jakarta-based lender now has a market capitalisation of about 21.5 trillion rupiah, making it one of the largest privately owned digital banks by market value in South-east Asia’s biggest economy, with total assets of 14.8 trillion rupiah.

The IPO places Superbank alongside peers such as Gojek-backed Bank Jago and Allo Bank, which have also capitalised on Indonesia’s growing digital finance ecosystem.

Superbank attracted exceptionally strong demand during its IPO, with the offering oversubscribed by as much as 318 times. Total demand exceeded one million orders, resulting in limited allotments for most retail investors, one of the underwriters said.

Mandiri Sekuritas, CLSA Sekuritas, Trimegah Sekuritas and Sucor Sekuritas acted as joint underwriters.

With Superbank’s listing, Indonesia has recorded at least 26 IPOs this year, raising more than 17 trillion rupiah in total.