Hiswara Bunjamin & Tandjung and Herbert Smith Freehills Kramer advise joint lead underwriters on Superbank’s landmark Indonesia IPO

Leading Indonesian law firm Hiswara Bunjamin & Tandjung, in association with leading global law firm Herbert Smith Freehills Kramer, has advised on the initial public offering (IPO) and international offering of shares of PT Super Bank Indonesia Tbk (Superbank) and its concurrent listing on the Indonesia Stock Exchange (IDX). Acting as Indonesian and international counsel, respectively, the firms jointly advised CLSA, Mandiri Sekuritas, Trimegah and Sucor as joint lead managing underwriters and international selling agent.

Superbank’s shares surged on debut, triggering a temporary trading halt after the digital lender breached the IDX’s auto‑reject limits. Shares closed at 790 rupiah, more than 24% above the IPO price of 635 rupiah. The offering was oversubscribed by more than 300 times and is the largest IPO by size in Indonesia this year.

Jakarta partner Viska Kharisma said, “This transaction underscores Superbank’s commitment to transparency and digital financial inclusion while enhancing Indonesia’s standing in global capital markets amid challenging conditions.”

Singapore partner Xavier Amadei added, “Superbank, alongside our work on the PT Yupi Indo Jelly Gum Tbk listing earlier this year, showcases the depth of our Jakarta–Singapore platform and our ability to guide clients through complex capital markets deals in Indonesia.”

Grab – a leading Southeast Asian super‑app – through its investment arm and partnership with Emtek and Singtel, is a key shareholder in Superbank and has supported its evolution into a digital‑first lender with a strong embedded‑finance offering.

The joint cross‑office team was led by partners Viska Kharisma (Jakarta) and Xavier Amadei (Singapore), assisted by associates Ayu Maylinda and Muhammad Rahmadan and trainee Alexis Sudrajat.