KakaoBank's first overseas bet pays off as Superbank soars in Indonesia IPO

Superbank, an Indonesian digital bank in which KakaoBank made its first overseas equity investment, made a successful stock market debut on the Indonesia Stock Exchange, KakaoBank said Thursday. Korea’s largest internet-only bank invested in Superbank in October 2023 as part of a strategic partnership with Grab aimed at expanding its footprint in Southeast Asia. Superbank’s market capitalization was estimated at around 2.4 trillion won ($1.6 billion) on its first day of trading Wednesday, about 2.6 times higher than its valuation of 900 billion won at the time of KakaoBank’s initial investment. Market response in Indonesia was strong, with the offering attracting more than 1 million bids and a subscription ratio of 318 to 1. On its first trading day, Superbank’s shares surged about 25 percent from the initial public offering (IPO) price of 635 rupiahs. KakaoBank’s investment has also generated a substantial valuation gain. After investing a combined 114 billion won in Superbank in 2023 and 2024, the Korean lender now expects the value of its stake to reach about 204.4 billion w