Superbank Set to List on IDX This Week as 7th Digital Bank

IPO Details and Market Context

PT Super Bank Indonesia Tbk., trading as Superbank, is poised to make its debut on the Indonesia Stock Exchange (IDX) on Wednesday, December 17, 2025. This initial public offering (IPO) will mark Superbank as the 7th digital bank to enter Indonesia's capital market. The bank will offer 13% of its issued and paid-up capital at a fixed price of Rp635 per share, as stated in the prospectus published in Bisnis Indonesia on December 9, 2025.

Financial Highlights and Growth Prospects

The IPO is expected to raise approximately Rp2.79 trillion, with the funds likely to be allocated towards supporting the bank's growth strategy. Superbank has shown promising signs by turning a profit of Rp20 billion in the first half of 2025. However, analysts from RHB Sekuritas Indonesia, Andrey Wijaya, noted that the bank's return on equity (ROE) remains relatively low at around 1-2%. The bank's aggressive credit expansion, with loan growth reaching 30% year-on-year, presents both opportunities and challenges in managing credit risk.

Market Competition and Risk Factors

Superbank will operate in an increasingly competitive digital banking landscape. Other digital banks such as Bank Jago (ARTO), Bank Neo Commerce (BBYB), and Allo Bank Indonesia (BBHI) have already established their presence. Andrey Wijaya highlighted the need for Superbank to maintain stringent underwriting standards as it expands its retail and MSME lending. The quality of the loan portfolio will be crucial as the bank grows its asset base.

IPO Process and Timeline

The IPO process has been supported by multiple securities firms acting as joint lead underwriters, including Mandiri Sekuritas, CLSA Sekuritas Indonesia, Trimegah Sekuritas Indonesia, and Sucor Sekuritas. Bahana Sekuritas and Korean Investment and Sekuritas Indonesia (KISI) served as co-underwriters. The key dates for the IPO were:

• Effective date: December 8, 2025
• Public offering period: December 10-15, 2025
• Share allocation date: December 15, 2025
• Electronic share distribution: December 16, 2025
• IDX listing date: December 17, 2025

Conclusion

Superbank's entry into the capital market represents a significant milestone in Indonesia's digital banking sector. While the bank faces challenges related to profitability and competition, its successful IPO could pave the way for further growth and consolidation in the industry.