Photo credit: Superbank
Shares of Superbank, a digital bank backed by Emtek Group, Grab, Singtel, and KakaoBank, rose by about 24% and hit the daily trading limit on its debut on the Indonesia Stock Exchange.
Through the offering, the company raised 2.8 trillion rupiah (US$168 million) by issuing up to 4.4 billion new shares, representing 13% of its paid-up capital after listing. The IPO was oversubscribed by over 318x and drew more than 1 million orders.
This makes Superbank the first digital-only bank in Southeast Asia to do an IPO. Other Indonesian digital banks such as Bank Jago, Bank Neo Commerce, and Allo Bank have also gone public, but they listed while still operating as conventional banks.
Superbank was launched in 2024 following the transformation of Bank Fama International, which was acquired by Indonesian conglomerate Emtek Group in 2021. Super app Grab and telco firm Singtel joined as strategic investors in 2022, followed by South Korea’s KakaoBank in 2023. Singapore-based GXS Bank is also an investor in Superbank.
According to Superbank’s prospectus, around 70% of the IPO proceeds will go toward working capital, largely to support loan growth for underbanked retail customers and MSMEs.
The remaining 30% is earmarked for capital spending, which includes developing new funding and lending products, payment systems, and IT infrastructure. It also covers longer-term investments in areas such as AI, data analytics, and cybersecurity.
Superbank said that it has served more than 5 million customers since introducing its digital banking app in June 2024. In the third quarter of 2025, the company processed more than 1 million transactions per day, with average daily transaction volumes increasing over 40% compared to the previous quarter.
After posting losses in its first year of operations as a digital bank, Superbank reached profitability in 2025. It recorded a profit before tax of US$4.9 million in Q3 of this year.
See also: Mapping SEA’s digital banks: Profits prove elusive despite some wins
Currency converted from Indonesian rupiah to US dollar: US$1 = 16,698 rupiah.
Editing by Eileen C. Ang and Lorenzo Kyle Subido
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