Superbank reportedly targets $322m IPO by end of 2025

PT Super Bank Indonesia, known as Superbank, is reportedly preparing for an IPO on the Indonesia Stock Exchange, expected to take place between mid-November and the end of this year.

Superbank is a digital bank based in Indonesia backed by Grab, Singtel, and Kakao Bank.

The company has reportedly appointed PT Mandiri Sekuritas, PT CLSA Sekuritas Indonesia, PT Trimegah Sekuritas Indonesia Tbk, and PT Sucor Sekuritas to manage the IPO.

According to sources cited by Katadata, Superbank plans to offer around 15% of its issued and paid-up capital at a price not exceeding 1,050 rupiah (US$0.06) per share.

Circulating documents suggest a fundraising target of around 5.4 trillion rupiah (US$322.7 million).

Liza Camelia Suryanata, head of research at Kiwoom Sekuritas, estimates the IPO could raise US$200–300 million with a potential valuation of US$1.5–2 billion.

Superbank management declined to comment, saying their focus is on performance and innovation.

The Indonesia Stock Exchange recently noted that three major “lighthouse” companies from finance, mining, and infrastructure sectors are preparing to list by the end of the year.

🔗 Source: Katadata

🧠 Food for thought

Implications, context, and why it matters.

Superbank’s Q3 2025 core capital was Rp4.88 trillion, down 2.98% YoY 1

The floated US$1.5–2 billion (~Rp24–32 trillion) IPO implies 5–6.5x core capital.
Superbank posted Rp20.1 billion net profit and 4 million customers within a year of launch 2. The Cost-to-Income Ratio was 74.2% 2, which means user acquisition still weighs on profits.
Loan disbursement rose 123% YoY to Rp8.4 trillion 2. The cited LinkedIn post omits NPLs or other asset quality data 2, so credit risk is hard to gauge given its funding tie-up with consumer lending platform AdaKami 3.
Indonesia’s Financial Services Authority (OJK) plans to remove the KBMI 1 category 1. KBMI is the local bank grouping by core capital where KBMI 1 is the lowest tier, so the shift could spur consolidation or faster capital raises and shape the IPO timing.

What B2B fintech builders should watch after the IPO

About 60% of users come via Grab integration, with OVO also embedded 4 2 5. An API program post-IPO could enable embedded banking in partner apps.
AdaKami works with several lenders 3. Superbank sits beside Seabank, Bank Jago, Bank Permata and OCBC NISP 3, which opens the door to syndicated MSME financing or invoice factoring models.
IPO proceeds could back the Pinjaman Atur Sendiri personal loan push up to Rp100 million 4. That creates hooks for procurement software, expense tools, or supply chain finance platforms.
Third-party funds climbed 748% to Rp8.4 trillion 2. That deposit base could support treasury or cross-border remittance startups that need Indonesian rupiah settlement rails.