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Gojek, Tokopedia, Traveloka: Tech IPOs in the cards
On-demand technology service Gojek, online marketplace Tokopedia and online travel startup Traveloka are some of the tech companies that plan to go public. The timeframe remains unclear as they strive to polish their financial performances prior to becoming publicly listed companies
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In the business sense, a unicorn is any privately held startup valued at more than US$1 billion. The choice to borrow the name of the mythical animal alludes to the rarity of such entities. (Shutterstock.com/fatmawati achmad zaenuri)
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s more technology companies plan to offer their shares to the public in initial public offerings (IPO), market analysts have called for more profitable business practices rather than focusing on gross merchandise value (GMV).
On-demand technology service Gojek, online marketplace Tokopedia and online travel startup Traveloka are some of the tech companies that plan to go public. The timeframe remains unclear as they strive to polish their financial performances prior to becoming publicly listed companies.
“The company must first have a profitable business so the investment risk would be smaller,” Tokopedia CEO William Tanuwijaya told an audience during an event held by the Finance Ministry in Jakarta on Oct. 29.
Tokopedia, one of five Indonesian unicorns with valuations of more than US$1 billion, has yet to reveal its latest financial performance, except to announce that it aims to reach a break-even point next year. It currently handles more than 6 million merchants with projected GMV of more than Rp 220 trillion ($15.6 billion) this year.
Tokopedia aims to contribute up to 1.5 percent to the country’s gross domestic product (GDP) this year. “With Tokopedia’s big responsibility, we are planning to go public in the Indonesia Stock Exchange and stock exchanges abroad,” he added, without revealing further details.
Technology stocks have become the most anticipated share offerings worldwide as investors consider the business to be more resilient and less exposed to economic cycles since tech companies lead digital transformation trends.
Among the most anticipated share offerings for global investors were by Silicon Valley’s ride-hailing apps Uber Technologies and Lyft Inc. and by image sharing website Pinterest, Reuters reported.
