11 Companies Queue for IPO on IDX, Market Speculation Grows Around Superbank
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JAKARTA, Investortrust.id — The Indonesia Stock Exchange records 11 companies in the listing pipeline as of Friday, Sept. 26, 2025, most of them mid-sized with assets of up to Rp 250 billion. Market speculation has placed PT Superbank Indonesia in the queue, though the exchange has yet to confirm.
Director of Company Valuation at the Indonesia Stock Exchange (IDX), I Gede Nyoman Yetna, said the companies in the pipeline come from a broad range of industries. These include two basic materials firms, two consumer cyclicals, one consumer non-cyclical, two financials, two industrials, one technology, and two transportation and logistics firms. However, he declined to reveal their names, including whether Superbank is part of the group rumored to be preparing a listing this year.
“There are seven companies with medium assets, between Rp 50 billion and Rp 250 billion, and four others with large assets above Rp 250 billion. None fall into the small asset category below Rp 50 billion,” Nyoman said in a written statement on Monday, Sept. 29, 2025.
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Superbank IPO Rumor
With its strong shareholder backing, robust asset expansion, and improving profitability, Superbank has emerged as one of the most closely watched digital banks in the country, especially as speculation builds about a potential listing on the Indonesia Stock Exchange.
Superbank, officially known as PT Super Bank Indonesia, is a digital-first bank operating under OJK and Bank Indonesia licenses. The institution grew out of Bank Fama, which was rebranded and repositioned after being acquired by Emtek, or Elang Mahkota Teknologi.
It is now controlled by a consortium of major regional players: Emtek, Grab, Singtel, and South Korea’s KakaoBank. Grab holds around 30.8 percent of shares, giving the ride-hailing and digital services giant a significant foothold in Indonesia’s growing fintech and digital banking market.
By the first half of 2025, Superbank showed rapid expansion in both scale and profitability. Total assets reached about Rp 15 trillion, more than doubling from a year earlier, supported by strong growth in lending and funding. Loan disbursements hit roughly Rp 8.4 trillion, while third-party funds also grew sharply to the same level, representing a more than sevenfold year-on-year increase.
Net interest income rose to about Rp 667.6 billion, up nearly 238 percent compared to the previous year, which helped the bank post an operating profit of Rp 31.26 billion. Net profit for the period stood at approximately Rp 20.1 billion, marking a turnaround from earlier losses and highlighting improved efficiency. The cost-to-income ratio narrowed to 96.6 percent from 168 percent a year earlier, while asset quality remained stable, with gross non-performing loans at 2.7 percent and net NPLs at 0.98 percent.
On the balance sheet, Superbank’s equity amounted to around Rp 5.15 trillion as of early 2025, while liabilities stood at about Rp 6.23 trillion, bringing its total equity and liabilities to more than Rp 11.3 trillion. This structure reflects the bank’s leveraged growth strategy as it scales rapidly to capture Indonesia’s digital banking market.
2025 IPOs So Far
So far this year, 23 companies have officially listed on the IDX, raising a combined Rp 15.05 trillion. In addition, 10 companies have conducted rights issues with proceeds totaling Rp 16.63 trillion.
Last week, PT Merdeka Gold Tbk, or EMAS, completed its initial public offering and debuted on the exchange with Rp 4.66 trillion in proceeds. The company, a subsidiary of PT Merdeka Copper Gold Tbk (MDKA), issued 1.62 billion new shares, equivalent to 10% of its paid-up capital, at an offering price of Rp 2,880 per share.
The IPO proceeds, net of issuance costs, will be allocated to fund working capital and operations of subsidiaries engaged in gold mining and processing. Part of the funds will also go toward repaying loans held by Merdeka Gold Resources (MGR).
MGR oversees the Pani Gold Project in Pohuwato, Gorontalo Province, which holds estimated resources of 7 million ounces. The deposit is considered one of the largest primary gold projects in Indonesia and underscores Merdeka Group’s significant resource base, making it among the country’s most promising mining ventures.