Rancak Media – JAKARTA — The initial public offering (IPO) price of PT Super Bank Indonesia Tbk. (SUPA), set at Rp635 per share, is considered highly attractive and competitive when compared to other digital bank issuers.
Following the bookbuilding process, Superbank’s IPO price was officially established at Rp635 per share. The public offering period is scheduled to commence tomorrow, Wednesday (December 10, 2025), and conclude on December 15.
Through this corporate action, the prospective issuer, backed by the robust Grab and Emtek Group ecosystems, aims to raise approximately Rp2.79 trillion. This target will be achieved by releasing 4.4 billion shares, representing 13% of its total capital after the IPO.
Superbank (SUPA) Sets IPO Price at Rp635, Sucor Calls Valuation Competitive!
Bernadus Wijayan, CEO of Sucor Sekuritas, views Superbank’s valuation level as exceptionally competitive compared to other issuers within the same sector.
With an offering price of Rp635 per share, Superbank’s valuation reflects a price-to-book value (PBV) of approximately 2.64 times. This positions it as one of the digital banks with the lowest valuation among its competitors.
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“When compared to ARTO, BBHI, or Aladin, which have significantly higher PBVs, Superbank’s valuation stands at a very attractive level for investors,” Wijayan stated in an official release on Tuesday (December 9, 2025).
Bernadus further elaborated that such a low valuation at the time of an IPO typically presents a strong opportunity for a re-rating or an upward adjustment in valuation in the future. This potential re-rating, he added, will largely depend on Superbank’s ability to effectively execute its growth strategies and optimally leverage its extensive digital ecosystem.
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“Digital banks are usually traded at a premium due to high growth expectations. However, Superbank is currently positioned at a conservative valuation. This creates an excellent entry point for investors looking to participate early before its valuation aligns with its performance and expansion efforts,” he explained.
According to its prospectus, Superbank plans to allocate approximately 70% of the IPO proceeds as working capital for loan disbursements. The remaining 30% is earmarked for capital expenditure, spanning from 2026 over the next five years.
In detail, the capital expenditure will cover several critical areas: the development of the company’s funding and financing products, enhancements to its digital payment system, strengthening of information technology infrastructure, reinforcement of operational systems, strategic investments in artificial intelligence (AI) and data analytics, and the continuous improvement of its cybersecurity measures.
The synergy of a low valuation, the powerful backing of the Grab–Emtek ecosystem, an ambitious credit expansion strategy, and a well-defined long-term capital expenditure plan collectively position Superbank as a compelling candidate among digital banks that appear potentially undervalued at its IPO.
Disclaimer: This news article is not an invitation to buy or sell shares. Investment decisions rest solely with the reader. Bisnis.com is not responsible for any losses or gains arising from the reader’s investment decisions.
