Indonesia’s largest tech firm yesterday said that it plans to raise up to US$1.26 billion through an initial public offering (IPO) this month, despite tumultuous world market conditions.
The GoTo Group set a price range of 316 to 346 rupiah per share for the local IPO, and aims to sell up to 52 billion new Series A shares through the listing, or about 4.35 percent of total shares.
This price range implies an estimated market capitalization of US$26.2 billion to US$28.8 billion, the group said in a news release.
GoTo, the largest digital ecosystem in Indonesia, was formed by the merger of ride-hailing company Gojek and e-commerce platform PT Tokopedia in May last year.
“Our listing will be a great moment for those involved in the success of our ecosystem and for everyone that believes in the Indonesian dream,” GoTo Group CEO Andre Soelistyo said.
The Jakarta-based company said that it expects to raise at least US$1.1 billion from the listing, as well as an additional US$160 million if it decides to exercise the greenshoe option.
An initial offer started yesterday and is to continue until Sunday, with a public offering period targeted for March 29 to 31, the company said in a statement.
The listing on the main board of the Indonesia Stock Exchange or IDX is planned for April 4, a prospectus released yesterday showed.
The company, whose main competitors in the region are Sea Ltd (冬海) and Grab Holdings Inc, had said that it was also planning a listing on a US exchange.
GoTo in November last year said that it had raised about US$1.3 billion ahead of a planned IPO, from various investors, including Google, Singapore’s Temasek Holdings Pte and China’s Tencent Holdings Ltd (騰訊).
Gojek is a multiservice platform offering deliveries, takeout food and financial services, and has expanded beyond its home country into Vietnam and Singapore.
In 2019, US research institution CB Insights said that the start-up was Indonesia’s first “decacorn” after its value hit US$10 billion.
Tokopedia, the country’s second-biggest unicorn after Gojek, markets itself as an online bridge between merchants and customers, but has also expanded into financial technology, payments, logistics and retail businesses.
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