Emtek Group's Super Bank Boosts Prospects with Strong IPO Performance

Successful Listing and Market Reaction

PT Super Bank Indonesia Tbk (SUPA), backed by Emtek Group, made a significant debut on the Indonesia Stock Exchange (IDX) on December 17, 2025. The stock immediately hit the auto rejection upper limit (ARA), closing 24.41% higher at Rp790 compared to its IPO price of Rp635 ¹

. The IPO was massively oversubscribed by 318.69 times, demonstrating strong investor appetite for the digital bank's shares. The offering raised Rp2.79 trillion through the sale of 1.4 billion shares, representing 13% of the company's post-IPO paid-up capital.

Analyst Perspectives on Group Impact

Analysts from various securities firms have provided mixed views on the potential impact of SUPA's listing on Emtek Group's overall performance. Miftahul Khaer from Kiwoom Sekuritas noted that while the IPO provides a strategic story for Emtek Group, its immediate financial impact may be limited ²

. The digital bank's focus on high-yield consumer lending, partnered with major players like Grab and OVO, suggests potential for growth.

James Widjaja from Henan Putihrai Sekuritas highlighted that Emtek, holding 27.07% stake in SUPA, is likely to benefit directly from the digital bank's future profitability. The potential synergies between SUPA and Vidio (Emtek's digital asset) could create additional value through cross-promotion of their respective services ²

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Valuation and Fundamentals

Investment Analyst Edvisor Profina Visindo Indy Naila pointed out that SUPA's price-to-book value (PBV) of 3-4 times is in line with other digital banks, justifying its premium valuation. The bank's aggressive interest income growth, coupled with a strong capital adequacy ratio (CAR) and healthy net interest margin (NIM), were cited as key factors supporting its positive market reception ³

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Market Performance of Emtek Group Companies

The successful IPO of SUPA has had an immediate positive effect on Emtek Group's stock performance. During the period between the IPO announcement (November 25, 2025) and listing date (December 17, 2025), PT Elang Mahkota Teknologi Tbk (EMTK) shares rose 6.37%, while PT Surya Citra Media Tbk (SCMA) gained 5.12% ²

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