GoTo is Determined to Raise US$1.25 Billion in Indonesia IPO

Following Bukalapak's IPO last year, GoTo is Indonesia's second unicorn to be public listed

Nurul Izzah

15 Mar, 2022

GoTo is Determined to Raise US$1.25 Billion in Indonesia IPO | BEAMSTART News

GoTo Group, an Indonesian tech giant formed in May 2021 in a blockbuster merger between two of the country's largest start-ups: Gojek and Tokopedia, aims to raise US$1.25 billion from an initial public offering (IPO)

On April 4, GoTo is set to go public on the Indonesia Stock Exchange (IDX), with an international listing after the local IPO.

IPO Details

  • GoTo targets to sell 52 billion shares, representing 4.35% of total shares
  • The share is priced between IDR 316 - IDR 346 a piece
  • To ensure that the price of the stock does not fall below the offering price, GoTo's IPO has a greenshoe option.
  • There will be several types of voting shares, thus giving the company's founders larger voting rights.

Largest Investors of GoTo

The company raised more than US$1.3 billion in a fundraising round on November last year, and attract new investors in the round including Malaysian sovereign wealth fund Khazanah, Primavera Capital and Fidelity International.

Despite the uncertainty in global markets, including a dramatic plunge in tech equities from the United States to China and Southeast Asia, GoTo is proceeding with its IPO plans.

Andre Soelistyo, GoTo's chief executive officer
"Indonesia and the rest of Southeast Asia are among the world's most potential growth markets. From the result of pre-IPO fundraising, global investors have faith in the region's rapidly expanding digital economy and GoTo's market-leading position," said GoTo's CEO, Andre Soelistyo last year.

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