Kakao Bank-backed Superbank makes strong IPO debut

Superbank, an Indonesian digital bank backed by Kakao Bank, made a strong stock market debut Wednesday, underscoring the Korean internet-only lender’s global expansion strategy. The shares of Superbank jumped to the daily upper limit, rising about 25 percent from the initial public offering price of 635 rupiahs ($0.038) on its first day of trading on the Indonesia Stock Exchange. The IPO drew more than one million subscription applications, representing a competition rate of 318 to 1, according