JAKARTA — Two prospective issuers, PT Abadi Lestari Indonesia Tbk. (RLCO) and PT Super Bank Indonesia Tbk. (SUPA), are poised to introduce fresh momentum into the Jakarta Composite Index (IHSG) by the close of 2025. Their upcoming Initial Public Offerings (IPOs) are drawing significant attention from market observers.
For its Initial Public Offering (IPO), RLCO has fixed its offering price at Rp168 per share. The public offering period concluded between December 2-4, with share distribution for this non-cyclical consumer issuer scheduled for today, Friday, December 5, 2025. The company plans to issue 625 million shares, each with a nominal value of Rp50, aiming to secure fresh funds totaling Rp105 billion through this corporate action.
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Meanwhile, SUPA conducted its bookbuilding phase from November 25 to December 1, 2025, with an initial offering price range set between Rp525 and Rp695. The digital banking issuer’s IPO is slated to commence from December 10-15. Based on this preliminary price range, SUPA stands to raise a substantial Rp2.31 trillion to Rp3.06 trillion from its public offering.
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Arifin, an analyst at Reliance Sekuritas Indonesia, highlights RLCO’s robust fundamental outlook. Operating within the consumer sector, the company has demonstrated impressive improvements in its profitability. Despite experiencing some pressure in 2024, Arifin noted that RLCO’s net profit margin has consistently held steady at around 19% since 2023, a positive trend projected to persist throughout the current year.
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Furthermore, RLCO’s capital structure has shown remarkable enhancement. Its debt-to-equity ratio (DER) significantly decreased from 1,172% in 2023 to 880% in 2024, with expectations for it to further contract to 153% in 2025. “When compared to similar issuers, RLCO still presents a very favorable profile. This suggests that its IPO debut will likely see strong performance on the first and second days,” Arifin commented during an online discussion on Friday, December 5, 2025.
Conversely, SUPA’s prospects, while offering high growth potential, are inherently susceptible to market volatility. Nevertheless, Arifin observed several encouraging operational indicators for the company. For instance, its Loan-to-Deposit Ratio (LDR) remains healthy, and its Net Interest Margin (NIM) is competitive when benchmarked against other digital banks.
Arifin acknowledged that SUPA’s Return on Equity (ROE) currently trails its rivals. However, he emphasized that the company’s capital foundation is strong and is expected to become even more solid following the infusion of funds from its IPO. From a valuation standpoint, Arifin believes that Superbank’s IPO price fairly reflects its intrinsic value, with its Price-to-Book Value (PBV) ratio ranging from 2.3x to 2.8x, which is in line with the market average.
“When a digital bank launches an IPO, the accompanying euphoria is typically very intense. This indicates that its initial price surge could be quite significant. However, for long-term considerations, it is crucial to continually monitor Superbank’s ongoing development,” Arifin concluded, advising a cautious yet optimistic approach for investors.
Disclaimer: This news article is not intended as an invitation to buy or sell shares. Investment decisions rest solely with the reader. Bisnis.com is not responsible for any losses or gains arising from readers’ investment decisions.
Summary
Two prospective issuers, PT Abadi Lestari Indonesia Tbk. (RLCO) and PT Super Bank Indonesia Tbk. (SUPA), are poised to introduce fresh momentum into the Jakarta Composite Index (IHSG) by the close of 2025. RLCO has set its IPO price at Rp168 per share, concluding its public offering between December 2-4 and aiming to raise Rp105 billion. Analysts note RLCO’s strong fundamentals, including a consistent 19% net profit margin and a significantly improved debt-to-equity ratio, projecting a favorable market debut.
Conversely, SUPA, a digital banking issuer, completed its bookbuilding from November 25 to December 1, 2025, with an initial price range of Rp525-Rp695, expecting to raise up to Rp3.06 trillion. Its IPO is slated for December 10-15. While susceptible to volatility, SUPA exhibits encouraging operational indicators like a healthy Loan-to-Deposit Ratio and competitive Net Interest Margin, with its IPO price considered a fair reflection of its intrinsic value.