Grab-backed Super Bank jumps in Jakarta debut after $217 million IPO
Sign up now: Get ST's newsletters delivered to your inbox
Digital banking firm Super Bank Indonesia surged 24 per cent, hitting the daily trading limit, in its Jakarta debut.
PHOTO: SUPERBANK/FACEBOOK
Follow topic:
JAKARTA – Digital banking firm Super Bank Indonesia surged 24 per cent, hitting the daily trading limit, on its Jakarta debut following an initial public offering (IPO) that ranks as the nation’s second largest in 2025.
Super Bank, backed by app platform Grab Holdings, saw its shares rise to 790 rupiah, up from its IPO price of 635 rupiah. The unit of Indonesian conglomerate Elang Mahkota Teknologi raised 2.8 trillion rupiah (S$217 million) through the offering by selling approximately a 13 per cent stake.
The strong debut underscored investor appetite for first-time share sales in Jakarta, following heavyweight listings such as Merdeka Gold Resources and Chandra Daya Investasi that also hit the trading limit.
Local stocks have been rallying on strong domestic demand, with the benchmark up about 20 per cent in 2025 and touching multiple record highs in recent months.
Singtel and KakaoBank were also among the backers of the lender, whose business history traced back to 1993 when it was known as Bank Fama International.
Super Bank plans to use the IPO proceeds as working capital for loan disbursements and capital expenditure, including for development of products and information-technology systems.
The IPO was oversubscribed by more than 300 times, with orders exceeding one million, according to one of the underwriters. BLOOMBERG
