Rancak Media – , JAKARTA — Two prospective issuers, PT Abadi Lestari Indonesia Tbk. (RLCO) and PT Super Bank Indonesia Tbk. (SUPA), are projected to act as new catalysts for the Jakarta Composite Index (IHSG) by the end of 2025.
For its initial public offering (IPO), RLCO has set its offering price at Rp168 per share. The public offering period concluded between December 2 – 4, with share distribution scheduled for today, Friday, December 5, 2025.
This prospective non-cyclical consumer sector issuer is set to release 625 million shares, each with a nominal value of Rp50. Through this corporate action, the company aims to secure fresh funds totaling Rp105 billion.
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Meanwhile, SUPA conducted its book building from November 25 to December 1, 2025, with an initial offering price range of Rp525 to Rp695. The IPO itself is slated to take place from December 10 – 15.
At this initial offering price, the prospective digital banking issuer stands to raise between Rp2.31 trillion and Rp3.06 trillion from the public offering.
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Arifin, an analyst at Reliance Sekuritas Indonesia, posits that RLCO possesses stronger fundamental prospects. Operating in the consumer sector, this issuer has demonstrated significant improvements in its profitability.
Although it experienced pressure in 2024, Arifin explained that RLCO’s net profit margin has remained stable around 19% since 2023, a trend projected to continue through this year.
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According to him, RLCO’s capital structure has also improved sharply. Its debt-to-equity ratio (DER) decreased from 1,172% in 2023 to 880% in 2024, and is expected to shrink further to 153% in 2025.
“Compared to similar issuers, RLCO still looks quite good. This means we anticipate that its IPO debut will likely perform well on the first and second days,” he remarked during an online discussion on Friday, December 5, 2025.
On the other hand, SUPA’s prospects, while offering high growth potential, are deemed vulnerable to market volatility. Nevertheless, from an operational standpoint, Arifin noted that the company exhibits several positive indicators.
Its loan-to-deposit ratio (LDR), for instance, is considered healthy, and its net interest margin (NIM) is competitive compared to other digital banks.
Arifin pointed out that SUPA’s return on equity (ROE) still lags behind its competitors. However, the company’s capital base is robust and is expected to strengthen further upon securing IPO funds.
In terms of valuation, he believes that Superbank’s IPO price already reflects its fair value. The price-to-book value (PBV) ratio falls within the range of 2.3 to 2.8 times, which is considered to be at the market average.
“When a digital bank goes public, the euphoria is exceptionally high. This implies that the increase could be very significant, but for the long term, we must monitor Superbank’s development,” he concluded.
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Summary
PT Abadi Lestari Indonesia Tbk. (RLCO) and PT Super Bank Indonesia Tbk. (SUPA) are projected to act as new catalysts for the Jakarta Composite Index (IHSG) by the end of 2025 through their initial public offerings. RLCO offered 625 million shares at Rp168 each, aiming to secure Rp105 billion from its public offering which concluded on December 4, 2025. Meanwhile, SUPA conducted its bookbuilding until December 1, 2025, with an initial price range of Rp525-Rp695 per share, expecting to raise between Rp2.31 trillion and Rp3.06 trillion during its IPO from December 10-15, 2025.
An analyst from Reliance Sekuritas Indonesia, Arifin, suggests RLCO, a non-cyclical consumer sector issuer, has stronger fundamental prospects due to improved profitability and a stable net profit margin of around 19%. He anticipates a good IPO debut for RLCO. For SUPA, a digital banking issuer, prospects offer high growth potential despite market volatility, with positive operational indicators like a healthy loan-to-deposit ratio (LDR) and competitive net interest margin (NIM).
