Indonesia’s ride-hailing app Go-Jek considers stock listing

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Indonesian start-up Go-Jek is considering an initial public offering (IPO) in Indonesia and possibly at another exchange in the region, the company’s president Andre Soelistyo told reporters in Jakarta on March 5, but details on timing and float size haven’t been decided yet, Reuters reported.

Soelistyo said he met with the CEO of the Indonesia Stock Exchange to discuss a potential share sale, including a regulatory requirement to be profitable within two years of listing.

“We discussed what technology companies need to do an IPO and how the stock exchange can provide access,” he said.

Soelistyo also raised the possibility of a dual-listing after Indonesia, but said a decision on where hasn’t been made. Go-Jek is yet to appoint an underwriter for the plan, Soelistyo said, which indicates that details on IPO size, company valuation and how much of the firm will be listed are not yet specified.

Go-Jek, which started in 2010 as a ride-hailing app for both cars and motorbikes in Indonesia, meanwhile has added a great variety of delivery services and also developed its own mobile payment platform.

The company recently raised a higher than targeted $1.5 billion in a fundraising round from several investors including Google, Temasek Holdings and Chinese technology giants Tencent Holdings and JD.com. The latest round of investments valued Go-Jek at about $5 billion, analysts said.

Go-Jek plans to expand its business beyond Indonesian borders by setting up operations in the Philippines in early 2018, with other Southeast Asian countries to follow later that year, it’s chief technology officer said in December.

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Reading Time: 2 minutes

Indonesian start-up Go-Jek is considering an initial public offering (IPO) in Indonesia and possibly at another exchange in the region, the company’s president Andre Soelistyo told reporters in Jakarta on March 5, but details on timing and float size haven’t been decided yet, Reuters reported.

Reading Time: 2 minutes

Indonesian start-up Go-Jek is considering an initial public offering (IPO) in Indonesia and possibly at another exchange in the region, the company’s president Andre Soelistyo told reporters in Jakarta on March 5, but details on timing and float size haven’t been decided yet, Reuters reported.

Soelistyo said he met with the CEO of the Indonesia Stock Exchange to discuss a potential share sale, including a regulatory requirement to be profitable within two years of listing.

“We discussed what technology companies need to do an IPO and how the stock exchange can provide access,” he said.

Soelistyo also raised the possibility of a dual-listing after Indonesia, but said a decision on where hasn’t been made. Go-Jek is yet to appoint an underwriter for the plan, Soelistyo said, which indicates that details on IPO size, company valuation and how much of the firm will be listed are not yet specified.

Go-Jek, which started in 2010 as a ride-hailing app for both cars and motorbikes in Indonesia, meanwhile has added a great variety of delivery services and also developed its own mobile payment platform.

The company recently raised a higher than targeted $1.5 billion in a fundraising round from several investors including Google, Temasek Holdings and Chinese technology giants Tencent Holdings and JD.com. The latest round of investments valued Go-Jek at about $5 billion, analysts said.

Go-Jek plans to expand its business beyond Indonesian borders by setting up operations in the Philippines in early 2018, with other Southeast Asian countries to follow later that year, it’s chief technology officer said in December.

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