IPO Highlight Super Bank Indonesia
KBVS Update
Thursday, 11 December 2025
IPO Highlight PT Super Bank Indonesia (SUPA)
■ PT Super Bank Indonesia (SUPA), previously known as PT Bank Fama International, plans an IPO of 4,406,612,300 shares—representing 13% of its total shares—at IDR 635 per share, aiming to raise up to IDR 2.79 trillion. The Company has transformed into a digital bank and launched its application to the public in June 2024, supported by direct integration with the Grab and OVO platforms. This transformation has been further reinforced by a consortium of major players, including Emtek, Singtel, and KakaoBank.
■ Since the transformation into digital bank, the Company has recorded significant growth, with the number of customers reaching around 4 million and a total loan book of IDR 8.3 trillion as of June 30, 2025. This growth has resulted in early profitability, marked by the achievement of the Company’s first quarterly net profit in the first quarter of 2025.
■ At an offering price of IDR 635 per share, SUPA’s valuation translates to a post-IPO price-to-book value (PBV) 2025E of 2.64x, below the industry average of 2.92x.
■The IPO offering period is scheduled for 10–15 December 2025, with the IDX listing set for 17 December 2025
Regards,
KBVS Research team