Herbert Smith Freehills Kramer advises on Superbank’s record‑breaking Indonesia IPO

Leading international 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).

The firm acted as international counsel, and as Indonesian counsel through associate firm Hiswara Bunjamin & Tandjung, to CLSA, Mandiri Sekuritas, Trimegah and Sucor as joint-lead-managing underwriters and international selling agent.

On its first day of trading, Superbank’s shares closed more than 24% above the IPO price to become the largest IPO by deal size in Indonesia this year.

Jakarta partner Viska Kharisma said, “The success of this transaction underscores Superbank’s commitment to transparency and digital financial inclusion and enhances Indonesia’s standing in global capital markets.”

Southeast Asian super app Grab is a key shareholder in Superbank through its investment arm and partnership with Emtek and Singtel, and has supported the bank’s evolution into a digital first lender.

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

The joint team was led by partners Xavier Amadei in Singapore and Viska Kharisma in Jakarta, supported by associates Ayu Maylinda and Muhammad Rahmadan and trainee Alexis Sudrajat.