Indonesian digital bank PT Super Bank Indonesia (Superbank), which is backed by superapp Grab and South Korea’s KakaoBank, debuted on the Indonesia Stock Exchange (IDX) on Wednesday (Dec. 17)—the 26th company to list on the bourse in 2025.
Shares of the company, which began trading under the ticker SUPA, opened at 740 rupiah apiece, 24.41% higher than the IPO price of 635 rupiah apiece at the start of trading.
The company raised 2.8 trillion rupiah (around $167 million) in its initial share sale, offering 4.41 billion new shares, equivalent to about 13% of its enlarged share capital.
According to its filing, Superbank plans to channel its IPO proceeds, primarily around 70% of it, towards strengthening capital and expanding its lending capacity, including credit growth supported by its digital ecosystem partners. The remaining 30% would be allocated towards working capital, loan book expansion, and technology infrastructure needs.
The company recorded exceptionally strong demand for its initial public offering, which was oversubscribed by around 318.7 times and drew more than one million investor orders, valued at 50 trillion rupiah.
“This marks a record number of orders from investors seeking to participate in SUPA’s share listing. I feel extremely fortunate, and this once again comes down to the level of trust from investors that we must uphold and continue to safeguard,” Superbank’s CEO Tigor M. Siahaan said in his remarks at the IDX Main Hall in Jakarta.
In a statement, Sucor Sekuritas chief executive Bernadus Wijaya said the overwhelming response reflects robust investor appetite for digital banking plays, adding that the scale of demand could support liquidity and price performance after the listing.
The oversubscription level places Superbank’s IPO among the most heavily subscribed offerings in Indonesia this year, underscoring renewed retail and institutional interest in financial-sector listings amid improving market sentiment.
The announcement also outlines lock-up periods for major shareholders. PT Elang Media Visitama and PT Kudo Teknologi Indonesia are subject to a 12-month lock-up from the first trading date, while Glas Trust (Singapore) Ltd. Cq. Bersama Sustainability Trust is subject to an eight-month lock-up starting from the effective date of the IPO registration statement.
Superbank is also backed by Indonesian conglomerate Emtek Group and Singapore Telecommunications.
The offerings are underwritten by Mandiri Sekuritas, CLSA Sekuritas Indonesia, Trimegah Sekuritas Indonesia, and Sucor Sekuritas.
Superbank’s app has reached over 5 million customers since its launch in June 2024, with an average daily transaction of one million, up 40% quarter-on-quarter. Around 60% of its transactions come from the ecosystem—Grab and OVO, while the remaining 40% come from partnerships.
