Superbank, an Indonesian digital banking venture backed by Indonesian conglomerate Emtek and ride-hailing giant Grab, is exploring the possibility of an initial public offering (IPO) in Jakarta later this year.

Sources familiar with the matter, who requested anonymity, told Bloomberg that the company is in the process of selecting banks to assist with the potential share sale.

The IPO could potentially raise between US$200 million and US$300 million for Superbank, with a target valuation estimated between US$1.5 billion and US$2 billion.

In addition to Emtek and Grab, Superbank’s investors include Singaporean telecommunications company Singtel and South Korean digital bank KakaoBank.

Superbank’s origins can be traced back to 1993 when it operated as Bank Fama International. It has since evolved into a digital banking platform.

While the IPO discussions are in their early stages and may not lead to a finalised deal, the potential listing underscores the growing interest in Indonesia’s digital banking sector.

Superbank has raised over 5 trillion rupiah (US$308 million) from investors, including a recent 1.2 trillion rupiah (US$74 million) investment from Grab, Singtel, and KakaoBank in July 2024.

Having launched its services on the Grab platform in June 2024, Superbank has already garnered over 2 million customers.

The digital bank is reportedly eying profitability within the next two years.

The article first appeared on Fintech News Singapore