Superbank, an Indonesian digital bank backed by Grab and Singtel, is reportedly exploring the possibility of an IPO in Jakarta later this year.

Owned by PT Elang Mahkota Teknologi Tbk (Emtek), the company is in talks with banks regarding the potential listing.

The IPO may raise between US$200 million and US$300 million, with a possible valuation between US$1.5 billion and US$2 billion.

However, discussions are still in the early stages, and the specifics, including the size and valuation, may change.

Emtek’s representatives and Singtel have not commented on the IPO discussions. Superbank’s corporate finance head, Ekaputra Aditya, mentioned the company could not discuss “rumors or speculations.”