Superbank Indonesia is considering an initial public offering (IPO) that may take place in Jakarta as soon as this year, Bloomberg reported on Tuesday, quoting people familiar with the matter.
The digital banking company, part of Indonesian conglomerate PT Elang Mahkota Teknologi Tbk, is seeking to hire banks to work on a potential share sale that could help it raise $200 million to $300 million, the people said, according to the report.
The Indonesia-based company may seek a valuation of $1.5 billion to $2 billion in a potential listing, the people said.
Super Bank’s backers also include Singapore-headquartered super app platform Grab Holdings Ltd and Singapore Telecommunications Ltd, known as Singtel, and KakaoBank Corp.
Deliberations are preliminary and may not result in a deal, the people said, adding that details such as the value and size could still change, according to the report.
Representatives of Emtek, as Elang Mahkota Teknologi is known, and Singtel didn’t immediately respond to requests seeking comment.
Grab and KakaoBank declined to comment. Super Bank’s head of corporate finance and investor relations Ekaputra Aditya said the company “can’t comment on rumours or speculations”, the report added.
Superbank, formerly known as PT Bank Fama International that’s founded in Bandung in 1993, has undergone a transformative journey to become a digital-focused bank, information from its website showed.
In early 2023, Bank Fama officially transformed into Superbank and relocated its headquarters to Jakarta, with branch offices in Jakarta and Bandung.
Superbank entered a new era when it became part of Emtek Group at the end of 2021, followed by Grab and Singtel in early 2022, and KakaoBank in 2023 as part of the consortium.
As a new entrant in Indonesia’s digital banking landscape, Superbank said it is on a mission to enhance credit accessibility for retail and MSME customers, empower them with innovative solutions, and foster collaboration within one of the industry’s most extensive ecosystems.
Emtek has businesses in sectors including media and digital, healthcare, technology, digital infrastructure and financial services.
Maybank sees robust fintech to drive ASEAN internet sustained growth