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GoTo seeks to raise $1.26 billion in local IPO
The widely-expected IPO comes after GoTo secured more than $1.3 billion from global investors in November in the first close of its pre-IPO funding round.
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A Gojek rider makes a delivery in Surabaya, East Java, on May 17, 2021, as Gojek and Tokopedia unveiled a merger to form GoTo Group, creating the largest tech firm in the world's fourth most populous country. (GoTo Group / AFP)
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oTo Group, Indonesia’s biggest tech firm, is looking to raise up to Rp 17.992 trillion (US$1.26 billion) through an initial public offering (IPO) this month, the company said in its prospectus published in local media on Tuesday, as it begins the process of gauging demand for the issue.
GoTo said it plans to sell up to 52 billion Series A shares and set a price range of 316 to 346 rupiah per share. The book building process ends on March 21 and the estimated listing date is April 4.
The widely-expected IPO comes after GoTo secured more than $1.3 billion from global investors in November in the first close of its pre-IPO funding round.
GoTo was formed by merging ride-hailing-to-payments firm Gojek and e-commerce leader Tokopedia. It counts Alphabet’s Google, Tencent, Singapore state investor Temasek and Abu Dhabi Investment Authority among its backers.
Since the COVID-19 pandemic, food delivery, e-commerce and payment services have seen explosive growth in Indonesia, with investors rushing to back fast-growing companies.
GoTo’s IPO’s underwriters include PT Indo Premier Sekuritas, PT Mandiri Sekuritas and PT Trimegah Sekuritas Indonesia.
The IPO comes at a time when global stocks have tumbled and issuers are postponing offerings as the crisis in Ukraine pushes up commodity prices, stoking worries of economic damage.
Still, some commodity-heavy markets such as Indonesia are holding up, with the local index up 5.7 percent so far this year after rising to a record high in recent weeks.
Editor's note: This article has been updated.
