The surge in PT Super Bank Indonesia Tbk (SUPA) shares remains unstoppable. By midday trading, SUPA’s stock had once again hit the Auto Reject Upper (ARA) limit on its first day of listing.

According to data from the Indonesia Stock Exchange on Wednesday (December 17, 2025), SUPA shares reached the ARA level after jumping 155 points, or 24.4%, to Rp790 per share.

Trading volume reached 3.8 million shares with a transaction value of approximately Rp3 billion, while the stock changed hands 5,205 times during the session.

Since the morning session, the sell queue has been empty, while the buy side accumulated more than 14.66 million lots at the price of Rp790 per share.

This ARA-driven rally lifted the company’s market capitalization to Rp26.5 trillion, significantly exceeding that of its group affiliate, PT Bukalapak Tbk (BUKA), which stands at around Rp17 trillion.

The company had previously set its Initial Public Offering (IPO) price at Rp635 per share. Just one minute after trading opened, SUPA’s stock immediately surged to Rp790 per share.

SUPA Share Valuation

Citing research by Panin Sekuritas analyst Cliff Nathaniel, at the IPO price of Rp635 per share, SUPA recorded a Price to Book Value (PBV) ratio of 2.6 times. This level is considered discounted compared to peers within the same industry.

Nathaniel explained that based on relative valuation calculations, SUPA’s PBV stands at 2.6x, while comparable companies trade at an average PBV of around 3.2x, indicating that SUPA is relatively undervalued.

Panin Sekuritas views SUPA as a growing company with a more attractive valuation than its peers, making it a relatively appealing investment opportunity.

However, investors are advised to remain cautious, particularly regarding the large IPO size and the relatively high cost-to-income ratio (CIR) of 74.2%, which suggests that operational efficiency has yet to reach optimal levels.

Following the IPO, SUPA’s expansion strategy will focus on strengthening its ecosystem and improving profitability. The company will continue to prioritize the retail and MSME segments, which contribute approximately 72.5% of revenue and typically offer higher yields.

Panin also noted that ecosystem penetration remains at an early stage, as user acquisition is still largely driven by GrabPassenger, while the significant potential from GrabDriver and GrabMerchant has not been fully tapped.

In addition, integration with the EMTK Group still offers room for acceleration, including the possibility of positioning SUPA as the primary payment channel for Vidio services. This could open opportunities to increase user acquisition and deepen engagement across the ecosystem.

Meanwhile, the proportion of direct lending, currently accounting for less than 20% of total loans, is expected to rise. This scheme provides higher yields and stronger risk control compared to channeling, potentially leading to improved margins and asset quality going forward.