Indonesia’s GoTo takes next step for $1.1-billion stock listing
GoTo Group, Indonesia’s biggest tech company which was formed through a merger of ride-hailing giant Gojek and e-commerce firm Tokopedia in 2021, has received sufficient cornerstone investor orders for its planned initial public offering (IPO) that could raise at least $1.1 billion within its targeted price band, Reuters cited insiders.
Investors committing long-term to the company include the Indonesian units of fund managers Schroders from the UK and Singapore-based Eastspring Investments, the Asian-focused investment division of multinational insurance company Prudential, also from the UK.
GoTo’s offering attracted strong institutional demand in the book-building process despite global market volatility amid the Russia-Ukraine conflict and current weak investor appetite for tech stocks, the report said.
Strong international backers
Investor confidence is boosted by the company’s strong backers, including Japan’s SoftBank Group, China’s Alibaba Group, Singapore’s sovereign wealth fund GIC and the Abu Dhabi Investment Authority, among others.
The IPO is expected to be priced in early April and will then be open to retail investors. Overall, GoTo aims to raise at least 15.2 trillion rupiah ($1.1 billion) by offering 48 billion new Series A shares in a price range of between 316 rupiah and 346 rupiah per share. The shares on offer represent up to 4.35 per cent of the company’s enlarged capital.
Becoming fourth largest listed company in Indonesia
The IPO could value GoTo at up to $28.8 billion, which would make it Indonesia’s fourth-biggest listed firm. It is already the most valuable startup in Indonesia, contributing about two per cent to the country’s GDP.
GoTo is offering an on-demand multi-service online platform for ride-hailing, food, grocery and parcel delivery and logistics with currently over 2.5 million registered driver partners, 14 million registered merchants and over 100 million monthly active users in Indonesia, Vietnam and Singapore who generated an annual gross transaction value of more than $22 billion as per 2020 figures.
It also provides an online marketplace for Indonesia’s millions of small and medium-sized enterprises powered by digital finance solutions such as online payments, financial services and merchant solutions.
GoTo Group, Indonesia’s biggest tech company which was formed through a merger of ride-hailing giant Gojek and e-commerce firm Tokopedia in 2021, has received sufficient cornerstone investor orders for its planned initial public offering (IPO) that could raise at least $1.1 billion within its targeted price band, Reuters cited insiders. Investors committing long-term to the company include the Indonesian units of fund managers Schroders from the UK and Singapore-based Eastspring Investments, the Asian-focused investment division of multinational insurance company Prudential, also from the UK. GoTo’s offering attracted strong institutional demand in the book-building process despite global market volatility amid the...
GoTo Group, Indonesia’s biggest tech company which was formed through a merger of ride-hailing giant Gojek and e-commerce firm Tokopedia in 2021, has received sufficient cornerstone investor orders for its planned initial public offering (IPO) that could raise at least $1.1 billion within its targeted price band, Reuters cited insiders.
Investors committing long-term to the company include the Indonesian units of fund managers Schroders from the UK and Singapore-based Eastspring Investments, the Asian-focused investment division of multinational insurance company Prudential, also from the UK.
GoTo’s offering attracted strong institutional demand in the book-building process despite global market volatility amid the Russia-Ukraine conflict and current weak investor appetite for tech stocks, the report said.
Strong international backers
Investor confidence is boosted by the company’s strong backers, including Japan’s SoftBank Group, China’s Alibaba Group, Singapore’s sovereign wealth fund GIC and the Abu Dhabi Investment Authority, among others.
The IPO is expected to be priced in early April and will then be open to retail investors. Overall, GoTo aims to raise at least 15.2 trillion rupiah ($1.1 billion) by offering 48 billion new Series A shares in a price range of between 316 rupiah and 346 rupiah per share. The shares on offer represent up to 4.35 per cent of the company’s enlarged capital.
Becoming fourth largest listed company in Indonesia
The IPO could value GoTo at up to $28.8 billion, which would make it Indonesia’s fourth-biggest listed firm. It is already the most valuable startup in Indonesia, contributing about two per cent to the country’s GDP.
GoTo is offering an on-demand multi-service online platform for ride-hailing, food, grocery and parcel delivery and logistics with currently over 2.5 million registered driver partners, 14 million registered merchants and over 100 million monthly active users in Indonesia, Vietnam and Singapore who generated an annual gross transaction value of more than $22 billion as per 2020 figures.
It also provides an online marketplace for Indonesia’s millions of small and medium-sized enterprises powered by digital finance solutions such as online payments, financial services and merchant solutions.
