Jakarta. Superbank, a digital lender backed by Emtek, Grab, Singtel, and KakaoBank, plans to raise as much as Rp5.36 trillion ($321.35 million) from an initial public offering in Jakarta next month, according to a draft prospectus circulating among investors.

The bank is offering up to 5.2 billion Series A shares, equivalent to 15 percent of expanded capital, at Rp500 to Rp1,030 apiece. Bookbuilding is scheduled for Nov. 17–24, with the listing set for Dec. 11.

Superbank swung to Rp60.13 billion in net profit in the third quarter from a Rp285.74 billion loss a year earlier, as loan growth surged 84 percent to Rp9.03 trillion and interest income jumped more than three-fold to Rp1.49 trillion. Total assets rose 70 percent to Rp16.54 trillion. Third-party funds increased almost three-times to Rp9.81 trillion, with low-cost deposits reaching Rp2.05 trillion.

Margins and ratios have also improved, with net interest margin widened to 10.64 percent and BOPO, an Indonesian cost-to-income ratio, fell to 94.69 percent from 159.37 percent, while return on assets reached 0.75 percent and return on equity 1.66 percent.

Analysts say the IPO could draw interest, particularly at the lower end of the price range, given the bank’s shareholder backing and steady traction in digital lending and SME financing.

“Below Rp 700, the valuation still looks attractive versus peers. Above Rp 1,000, the market is already pricing in aggressive growth,” said KISI Sekuritas Head of Research Muhammad Wafi.

CEO Edvisor.id Praska Putrantyo said the bank’s fundamentals support a premium, estimating potential trading levels at 2–3 times price-to-book given NIM above 10 percent, LDR in a solid range, and NPL at around 2 percent.

"The deal could also help revive liquidity in the Jakarta benchmark after a slow year for tech listings," Praska said.

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