Behind the Scenes of the BSG IPO Plan

Hey everyone! 👋

I’m excited to share a glimpse into one of my recent strategy projects—a deep dive into the IPO planning process for a finance company, BSG (Bank Sulut Go).

This plan was a collaborative effort between me and my partner Adel, and we crafted it to simulate the real-world process of preparing a company to go public. It’s both a strategic document and a showcase of how business theory meets practical execution. Read on for the full story, and check out the presentation embedded below 👇

What’s Inside the Plan?

Here’s a more detailed look at what our IPO plan for BSG includes:

1. Company Overview

We introduce BSG, its structure, background, and purpose in the market. The fictional company mirrors many real-world regional banks and was designed to reflect the complexities of local government-backed institutions in Indonesia.

2. Why Go Public?

The IPO strategy centers on funding expansion, boosting digital capabilities, and establishing credibility in competitive financial markets. We laid out clear 5-year goals aligned with IPO preparation and execution.

3. Market & Customer Research

This part involved deep dives into demographic, economic, and behavioral data. We mapped population age groups, public servant density, customer banking habits, and regional spending patterns to identify BSG’s strongest growth segments.

4. Competitor & Industry Analysis

Using forecasting models (like ARIMA and linear regression), we benchmarked BSG against national and regional competitors, explored fund growth potential, and evaluated the bank’s digital readiness compared to peers like BRI, BNI, and BCA.

5. SWOT, PESTEL, and VRIO Analysis

We conducted a triple-layered strategic audit to assess BSG’s strengths, weaknesses, external threats, and internal resources. This formed the foundation for the proposed IPO timeline and operational transformation roadmap.

6. Digital Transformation Plan

We recommended improvements to BSG’s underperforming mobile app, launched a mobile-first product approach, and pushed for QRIS integration. These were backed by short-term (1–2 years) and mid-term (3–5 years) implementation strategies.

7. Financial Forecasts & Valuation

We simulated BSG’s revenue, net profit, customer growth, digital adoption, and ESG-linked loan growth from 2025 to 2030. With a projected CAGR of 10–12%, we estimated a potential IPO valuation of IDR 1.1–1.4 trillion by 2029.

8. IPO Roadmap

Our roadmap covers preparation (governance, branding), regulatory compliance, underwriter selection, marketing campaigns, IPO execution, and post-listing strategies. We included funding allocation projections, targeting digital transformation (40%), green financing (35%), and operational efficiency (25%).

Built by Us — Nursalam & Adel

This project was the result of months of collaboration. Adel and I worked closely on everything from data collection and analysis to design and storytelling. We challenged each other at every step to make sure the strategy was realistic, data-driven, and impactful.