PT Super Bank Indonesia (Superbank), a digital bank under the Elang Mahkota Teknologi (Emtek) Group, is signaling stronger intentions to go public through an initial public offering (IPO) on the Indonesia Stock Exchange (IDX) and reportedly targeting a listing by the end of the year.

According to sources, Superbank has appointed four securities firms to manage the IPO: PT Mandiri Sekuritas, PT CLSA Sekuritas Indonesia, PT Trimegah Sekuritas Indonesia, and PT Sucor Sekuritas. CLSA will act as joint global coordinator.

The IPO process is expected to begin in late November and continue for about a month before the official listing in mid-December.

Superbank is reportedly planning to release around 15 percent of its shares from issued and paid-up capital, with an indicative price below Rp1,050 per share. About 70 percent of IPO proceeds will be allocated to working capital for credit distribution, while the remainder will go toward capital expenditures.

When asked about the IPO, a Superbank spokesperson declined to confirm as reported by Katadata.co.id, on Thursday, November 6, 2025, saying, “Our focus remains on maintaining strong performance through innovative financial solutions, growing our customer base, and collaborating with trusted ecosystems to support inclusive growth in Indonesia.”

Strong financial performance

Superbank’s performance has shown impressive momentum throughout 2025. As of the third quarter, the digital bank recorded a pre-tax profit (PBT) of Rp80.9 billion (US$4.9 million), with net interest income (NII) growing 176 percent year-on-year to Rp1.1 trillion.

President Director Tigor M. Siahaan said the bank’s digital-first strategy continues to drive growth. Since the launch of its digital banking app in June 2024, Superbank has gained over 5 million customers, with daily transaction activity rising more than 40 percent compared to the previous quarter.

“Supported by the growing integration with Grab and OVO, we’re proving that our digital-first approach can deliver healthy and secure growth for over five million customers,” Tigor said as quoted in a statement on November 6, 2025.

Key financial indicators also show improvement:

● Loans grew 84 percent YoY to Rp9.04 trillion.

● Assets surged 70 percent YoY to Rp16.5 trillion.

● Third-party funds (TPF) soared 203 percent YoY to Rp9.8 trillion.

● Cost-to-Income Ratio (CIR) improved from 149.65 percent to 70.14 percent.

● Net Interest Margin (NIM) rose to 10.64 percent.

● Gross NPL remained stable at 2.83 percent, and Net NPL at 1.21 percent.

● Loan-to-Deposit Ratio (LDR) held steady at 92 percent, indicating a healthy balance.

Superbank’s ownership structure includes major players:

● Elang Mahkota Teknologi (Emtek) via PT Elang Media Visitama – 31.11 percent;

● Grab via PT Kudo Teknologi Indonesia – 19.16 percent;

● A5–DB Holdings – 11.52 percent;

● GXS Bank – 12 percent;

● KakaoBank – 9.95 percent;

● Singtel Alpha Investments – 8.46 percent.

Lighthouse company

IDX’s Director of Corporate Valuation, I Gede Nyoman Yetna, recently mentioned that three lighthouse companies − from the financial, mining, and infrastructure sectors − are preparing for listings by year-end.

Lighthouse companies are defined as issuers with a minimum market capitalization of Rp3 trillion and a free float of at least 15 percent, serving as benchmark listings for the IDX each year.

Given its strong financial performance and powerful ecosystem partnerships with Grab, OVO, and Emtek, Superbank stands out as a top contender for one of Indonesia’s most anticipated financial-sector IPOs in 2025.

“We’re committed to delivering relevant digital innovations that meet people’s needs, growing together with our customers, and creating broader positive impact,” Tigor concluded.

Whether Superbank will officially become one of IDX’s lighthouse listings remains to be seen, but the market is already watching closely.