Grab, Singtel-backed Super Bank mulls IPO: report

The Jakarta-based digital bank may raise up to $300m, sources said.

Super Bank Indonesia is considering an initial public offering that may take place in Jakarta as soon as this year, according to people familiar with the matter.

The digital banking company— which is part of the Indonesian conglomerate PT Elang Mahkota Teknologi Tbk—is reportedly seeking to hire banks to work on a potential share sale, reports Bloomberg, citing people familiar with the matter.

The IPO could reportedly raise $200m to $300m, the people said.

The Jakarta-based company may seek a valuation of $1.5b to $2b in a potential listing, the people said.

Super Bank’s backers also include app platform Grab Holdings; Singapore Telecommunications, known as Singtel; and KakaoBank, according to its website.

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