Superbank, the Indonesian digital bank backed by Grab, Singtel, and local media and technology group Emtek, is preparing for a potential initial public offering on the Indonesian stock exchange, targeting up to IDR 5.36 trillion in proceeds. The IPO ambitions follow a record third quarter in which the bank reported reaching 5 million customers, a pre-tax profit of IDR 80.9 billion, and credit disbursement of IDR 9.04 trillion.

The Q3 2025 credit disbursement figure of IDR 9.04 trillion represented an 84% increase compared with the equivalent period a year earlier, underlining the pace at which Superbank has been scaling its lending book. Deposit customers also grew by more than 20% sequentially to reach a record high by September 2025, with growth supported by the integration of the OVO Nabung savings product — a connection to Grab's OVO digital payments platform that provides a natural customer acquisition channel.

Q3 RESULTS UNDERPIN IPO CASE

The combination of rapid loan growth, rising deposit balances, and a positive pre-tax profit gives Superbank a stronger narrative for an IPO than many digital banks have been able to present at a comparable stage of development. Achieving profitability before listing reduces the reliance on growth-at-all-costs messaging and positions the bank as an institution that has demonstrated it can manage credit risk and funding costs alongside customer acquisition.

The IDR 5.36 trillion target for IPO proceeds would be a substantial raise in the context of Indonesia's banking sector listings. The size of the targeted offer reflects both the bank's ambitions for continued expansion of its loan book and the capital requirements that come with scaling a fully licensed bank in a market as large and geographically dispersed as Indonesia. Fresh capital would support Superbank's ability to grow risk-weighted assets while maintaining required capital ratios under Indonesian banking regulations.

Superbank's shareholder base lends it strategic advantages that purely standalone digital banks may lack. Grab's payments and delivery ecosystem in Southeast Asia provides distribution and data, while Singtel's regional telecommunications footprint adds connectivity. Emtek's Indonesian media and digital assets provide local market depth. The convergence of these capabilities around a single banking platform is a key part of Superbank's competitive positioning.

OVO NABUNG INTEGRATION DRIVES DEPOSITS

The more than 20% sequential growth in deposit customers is partly attributable to the OVO Nabung savings integration, which allows users of the widely adopted OVO digital wallet to open savings accounts with Superbank directly within the OVO application. This kind of embedded distribution — where a banking product is accessible from within a non-banking super-app — has proven effective in markets across Southeast Asia for driving low-cost deposit acquisition.

The path to IPO will require Superbank to complete the necessary regulatory and legal preparation for a public listing in Indonesia, including audited financial statements, a prospectus approved by the Financial Services Authority, and compliance with the Indonesia Stock Exchange's listing requirements. The bank has not announced a specific timeline for the offering, and the IPO remains subject to market conditions at the time of launch. Nevertheless, the record Q3 metrics provide a credible foundation for the process.