According to people familiar with the situation, Bloomberg reported that Superbank Indonesia is contemplating an IPO that could happen in Jakarta as early as this year.
According to the report, the digital banking company, which is a part of the Indonesian conglomerate PT Elang Mahkota Teknologi Tbk, is looking to hire banks to work on a possible share sale that could help it raise between $200 million and $300 million.
The sources stated that the Indonesian company might aim for a listing price between $1.5 billion and $2 billion.
KakaoBank Corp., Singapore Telecommunications Ltd., also known as Singtel, and Grab Holdings Ltd., a super app platform with its headquarters in Singapore, are also backers of Super Bank.
According to the report, the people stated that the talks are preliminary and might not lead to a deal, and that specifics like the size and value could still change.
Requests for comment from Singtel and Emtek, also known as Elang Mahkota Teknologi, were not immediately answered.
KakaoBank and Grab chose not to comment. According to the report, Super Bank “can’t comment on rumors or speculations,” according to Ekaputra Aditya, head of corporate finance and investor relations.
According to data from its website, Superbank, formerly known as PT Bank Fama International, was established in 1993 in Bandung and has since undergone a transformation to become a digitally focused bank.
Early in 2023, Bank Fama formally changed its name to Superbank and moved its main office to Jakarta. It also opened branch offices in Bandung and Jakarta.
By joining the Emtek Group at the end of 2021, Superbank ushered in a new era. Grab and Singtel joined the consortium in early 2022, and KakaoBank joined in 2023.
As a new player in Indonesia’s digital banking market, Superbank stated that its goals are to improve retail and MSME customers’ access to credit, provide them with cutting-edge solutions, and encourage cooperation within one of the largest ecosystems in the sector.
Emtek operates in a number of industries, including financial services, technology, healthcare, digital infrastructure, and media and digital.
