PT Super Bank Indonesia, operating as Superbank, has officially announced plans for an IPO.

CNBC Indonesia reports that the digital lender intends to release 4.4 billion shares under the stock ticker SUPA, representing 13 per cent of its issued and fully paid capital.

Superbank set the offering price between Rp525 and Rp695 per share via its prospectus.

Through this listing, Superbank aims to raise approximately Rp3.06 trillion in fresh funds.

Regarding the allocation of the raised capital, the bank has outlined that funds remaining after issuance costs will primarily support lending.

Specifically, the bank designates 70% for working capital to support credit disbursement.

The remaining 30% constitutes capital expenditure for business operations which includes product development and information technology enhancements.

A consortium of major regional players, including the Emtek Group, Grab, and SingTel, backs Superbank.

Mandiri, CLSA, Trimegah, and Sucor Sekuritas will serve as joint lead underwriters.

The listing process begins with book building from 25 November to 1 December.

This is expected to be followed by an effective date of 8 December.

Subsequently, the public offering period is estimated to take place from 10 to 15 December.

In the prospectus released on Tuesday (25 November), the bank outlined its strategic direction within the local market.

The company positions itself as a bank with digital capabilities in Indonesia to promote financial inclusion

It further noted that it is positioning itself strategically to utilise the Indonesian financial industry landscape which is increasingly leading towards digitalisation through ecosystem innovation.

Featured image credit: Edited by Fintech News Indonesia, based on image by Gray StudioPro via Freepik