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.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) would not produce its most advanced technologies in the US next year, Minister of Economic Affairs J.W. Kuo (郭智輝) said yesterday. Kuo made the comment during an appearance at the legislature, hours after the chipmaker announced that it would invest an additional US$100 billion to expand its manufacturing operations in the US. Asked by Taiwan People’s Party Legislator-at-large Chang Chi-kai (張啟楷) if TSMC would allow its most advanced technologies, the yet-to-be-released 2-nanometer and 1.6-nanometer processes, to go to the US in the near term, Kuo denied it. TSMC recently opened its first US factory, which produces 4-nanometer
PROTECTION: The investigation, which takes aim at exporters such as Canada, Germany and Brazil, came days after Trump unveiled tariff hikes on steel and aluminum products US President Donald Trump on Saturday ordered a probe into potential tariffs on lumber imports — a move threatening to stoke trade tensions — while also pushing for a domestic supply boost. Trump signed an executive order instructing US Secretary of Commerce Howard Lutnick to begin an investigation “to determine the effects on the national security of imports of timber, lumber and their derivative products.” The study might result in new tariffs being imposed, which would pile on top of existing levies. The investigation takes aim at exporters like Canada, Germany and Brazil, with White House officials earlier accusing these economies of
Teleperformance SE, the largest call-center operator in the world, is rolling out an artificial intelligence (AI) system that softens English-speaking Indian workers’ accents in real time in a move the company claims would make them more understandable. The technology, called accent translation, coupled with background noise cancelation, is being deployed in call centers in India, where workers provide customer support to some of Teleperformance’s international clients. The company provides outsourced customer support and content moderation to global companies including Apple Inc, ByteDance Ltd’s (字節跳動) TikTok and Samsung Electronics Co Ltd. “When you have an Indian agent on the line, sometimes it’s hard
PROBE CONTINUES: Those accused falsely represented that the chips would not be transferred to a person other than the authorized end users, court papers said Singapore charged three men with fraud in a case local media have linked to the movement of Nvidia’s advanced chips from the city-state to Chinese artificial intelligence (AI) firm DeepSeek (深度求索). The US is investigating if DeepSeek, the Chinese company whose AI model’s performance rocked the tech world in January, has been using US chips that are not allowed to be shipped to China, Reuters reported earlier. The Singapore case is part of a broader police investigation of 22 individuals and companies suspected of false representation, amid concerns that organized AI chip smuggling to China has been tracked out of nations such
RSS