Jakarta. Persib Bandung is being positioned for a potential initial public offering as the city government seeks to expand the club’s commercial use of municipal assets and help push the football team’s valuation to Rp1 trillion ($56 million).

The club is one of Indonesia’s most successful and historically significant football teams. Since the modern professional era began in 1994, Persib has won five top-flight titles, including three consecutive Liga 1 championships in the 2023-24, 2024-25 and 2025-26 seasons. Including the pre-professional Perserikatan era, Persib has won 10 top-flight titles. Their rival, Persija Jakarta, has won 11 titles overall, but nine of those came during the pre-professional Perserikatan era.

The Bandung administration is offering the club, popularly known as Maung Bandung or the Bandung Tigers, broader access to city-owned assets around the Gelora Bandung Lautan Api (GBLA) stadium as part of efforts to strengthen its business and boost its valuation.

Bandung Mayor Muhammad Farhan said the city government was looking to expand its existing partnership with Persib beyond the stadium itself.

“For asset consolidation, the Bandung City Government is giving Persib the widest possible opportunity to expand the scope of cooperation in utilizing Bandung’s assets together with Persib,” Farhan said at the Indonesia Stock Exchange (IDX) building in Jakarta on Thursday.

The current agreement between the city government and Persib covers the use of GBLA stadium, but Farhan said several surrounding assets had yet to be developed.

“At present, cooperation in utilizing Bandung’s assets with Persib is limited to GBLA, the stadium. The surrounding areas — parking, training facilities, entertainment venues and so on — have not yet been included,” he said.

The city plans to encourage Persib to develop those facilities as part of a broader sports and entertainment ecosystem that could generate additional revenue for the club.

Farhan said consolidating and commercially developing the assets could significantly increase Persib’s valuation.

“If that is acquired and consolidated, I think we can pursue a valuation of up to Rp1 trillion,” he said.

The Bandung administration is also pursuing the commercial development of other sports assets, including a planned partnership with basketball club Satria Muda Pertamina Bandung involving the Bandung Arena basketball stadium and hockey facilities in the surrounding area.

The initiatives reflect the city government's effort to view sports facilities not only as public infrastructure but also as potential drivers of the local sports and entertainment economy.

No IPO Timeline Yet
Farhan stopped short of providing a timeline for Persib’s potential IPO, saying the decision ultimately rests with the club’s shareholders.

“I cannot set a target. It depends on the shareholders. I am no longer a shareholder,” he said.

An IPO would make Persib one of the most closely watched football-related corporate listings in Indonesia, given the club’s large and commercially active supporter base.

Persib's revenue potential extends beyond match-day income to sponsorships, merchandise, commercial rights, stadium management and sports and entertainment activities.

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