Indonesia's Superbank raises $167.06m in IPO

It will use 70% of the proceeds for working capital and 30% for capital expenditure.

PT Super Bank Indonesia Tbk, or Superbank, has officially listed at the Indonesia Stock Exchange (IDX), raising IDR2.79t (approximately $167.06m) in total proceeds.

The Indonesian digital bank's initial public offering (IPO) is priced at IDR635 per share. It issued 4.4 billion new shares, equivalent to 13% of its issued and paid-up capital post-IPO.

Superbank plans to use 70% of the IPO proceeds for working capital. The bank said it will strengthen lending to underbanked segments including retail and micro, small, and medium enterprises (MSMEs).

The remaining 30% of the proceeds will be allocated for capital expenditure. This includes the development of funding and lending products, digital payment systems, information technology infrastructure, operational system enhancements, and long-term investments in AI, data analytics, and cybersecurity.

Superbank is a digital bank supported by Grab, Emtek, Singtel, KakaoBank and GXS.