Indonesian Digital Banking Giant Eyes IPO Valuation of $1.5 Billion
Super Bank Indonesia, a leading digital banking company, is exploring the possibility of going public in Jakarta as early as this year. This move could potentially raise $200 million to $300 million, according to sources close to the matter.
A Promising Prospect
The company, backed by prominent investors such as Grab Holdings Ltd., Singapore Telecommunications Ltd. (Singtel), and KakaoBank Corp., is seeking to hire banks to work on a potential share sale. If successful, Super Bank could achieve a valuation of $1.5 billion to $2 billion in its initial public offering (IPO).
A Rich History
Founded in 1993 as PT Bank Fama International, Super Bank has undergone significant transformations over the years. Today, it is part of Indonesian conglomerate PT Elang Mahkota Teknologi Tbk. (Emtek), which has a diverse portfolio of businesses spanning media, healthcare, technology, digital infrastructure, and financial services.
Preliminary Discussions
While deliberations are still in the early stages, Super Bank’s IPO plans are generating significant interest. However, details such as the value and size of the offering could still change. Representatives from Emtek and Singtel declined to comment, while Grab and KakaoBank opted not to respond to requests for comment. Ekaputra Aditya, Super Bank’s head of corporate finance and investor relations, stated that the company “can’t comment on rumors or speculations.”
Market Performance
Emtek’s shares have experienced a decline of approximately 8% over the past 12 months, resulting in a market value of $1.9 billion. If Super Bank’s IPO is successful, it could provide a significant boost to the company’s valuation and market presence.
A New Chapter Ahead?
As Super Bank navigates the complexities of its potential IPO, one thing is clear: the company is poised for growth and expansion. With its strong backing and promising prospects, Super Bank Indonesia is an entity to watch in the digital banking space.
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