Superbank's Record-Breaking IPO: A Strong Start for Indonesia's Digital Banking Sector

Unprecedented Investor Demand

PT Super Bank Indonesia Tbk. (SUPA), operating as Superbank, has made significant waves in Indonesia's financial market with its initial public offering (IPO) being oversubscribed by 318.69 times ¹

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Source 2

https://investasi.kontan.co.id/news/ipo-superbank-supa-oversubscribed-hingga-31869-kali

. The digital bank, backed by prominent ecosystem players Grab and Emtek Group, saw investor demand surpass 1 million orders, highlighting the strong appetite for quality digital banking stocks in the Indonesian market.

IPO Details and Market Reaction

The IPO was priced at Rp635 per share, raising approximately Rp2.79 trillion through the sale of 13% of the company's shares ³

. This makes Superbank's IPO one of the largest in the digital banking sector in Indonesia. The high demand has been interpreted as a positive signal for the Indonesian capital market, particularly for digital banking stocks. CEO of Sucor Sekuritas, Bernadus Wijaya, noted that this level of oversubscription reflects market confidence in Superbank's fundamentals and growth prospects ¹

Source 1

https://finansial.bisnis.com/read/20251216/90/1937143/ipo-superbank-oversubscribed-31869-kali-permintaan-tembus-1-juta-order

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Valuation and Comparison with Peers

The IPO price of Rp635 per share translates to a price-to-earnings (PE) ratio of 913.13x (or 456.56x when annualized) and a price-to-book value (PBV) of 3.51x ³

. While the PE ratio is significantly higher than the average for digital banking stocks, the PBV is relatively competitive. The average PBV for existing digital banks is around 2.78x, with Superbank's valuation at IPO reflecting a PBV of approximately 2.64x, making it an attractive entry point for investors ³

Source 3

https://finansial.bisnis.com/read/20251216/90/1937114/rekor-permintaan-saham-ipo-superbank-supa-kala-harga-tak-optimal

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Impact on Existing Digital Banking Stocks

The anticipation of Superbank's IPO has led to a correction in the stock prices of other digital banks listed on the Indonesia Stock Exchange (IDX). Stocks such as PT Allo Bank Indonesia Tbk. (BBHI), PT Bank Neo Commerce Tbk. (BBYB), and PT Bank Jago Tbk. (ARTO) experienced declines, with BBYB dropping 5.31%, BBHI falling 2.93%, and ARTO decreasing 4.95% ⁵

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Growth Prospects and Future Plans

Superbank plans to utilize 70% of the IPO proceeds for working capital to support credit expansion, while the remaining 30% will be allocated for capital expenditures focused on technology development and operational enhancements ³

. The company's growth strategy includes expanding its digital ecosystem, enhancing its product offerings, and improving its technological infrastructure. The successful IPO is expected to provide a catalyst for the development of Indonesia's digital banking sector.