The Gojek-Tokopedia merger was the biggest event of 2021
Updates: This article has been updated with the corrected currency exchange number and statements from the company
Indonesian tech giant GoTo –the result of a high-profile merger between Gojek and Tokopedia– is aiming to raise at least IDR15.2 trillion (US$1.25 billion) in an initial public offering on Indonesia Stock Exchange (IDX).
The company will list on the stock exchange on April 4, selling 52 billion shares or 4.35 per cent of total shares, priced at IDR316 to IDR346 per piece.
An international listing is also expected following the local one.
GoTo is the second Indonesian unicorn to get listed on the stock exchange, following Bukalapak’s IPO in August last year. This IPO is one of the most highly anticipated ones in the Southeast Asian tech startup ecosystem.
Prior to this, GoTo’s rival Grab has made their IPO on Nasdaq in December 2021.
GoTo plans to use the proceeds from the IPO, after deducting issuance costs, for working capital to support the Group’s growth strategy.
An initial offer (book building) will be executed between March 15-21 with a public offering period targeted for March 29-31.
Also Read: A horse of another: Here’s the complete list of Southeast Asia’s 28 unicorns
In a press statement, GoTo announced that it is planning to launch Gotong Royong Share Program which will provide its “most active, long-serving and loyal driver-partners, merchants and consumers, as well as employees, with the opportunity to benefit from the IPO.”
“Under the programme, all full-time employees have been made participants in the Group’s Long-Term Incentive Plan Program, long-serving driver-partners are set to receive grants, while the most loyal merchants and GoTo Group consumers will be eligible to purchase shares via a fixed allocation at IPO,” the company wrote.
GoTo raised a US$1.3 billion pre-IPO funding round in November 2021 led by Abu Dhabi Investment Authority (ADIA).
The company counted big names such as Alibaba, SoftBank Vision Fund, Google, GIC, and Tencent as their largest investors.
In recent years, tech unicorns in SEA are in a race to get listed on various stock exchanges. While these companies may experience a sharp increase in their shares price when it was first issued,
Earlier this month, The Business Times reported that Grab’s shares price crashed 37.3 per cent as its net loss in Q4 “nearly doubles.”
For Bukalapak, its share price has fallen by more than -73 per cent since its debut. Starting out with an increase up to IDR1,110 per share, the price has slumped down to IDR276 by the time this article was written.
Also Read: The 27 Indonesian startups that have taken the ecosystem to next level this year
GoTo was expected to raise up to US$2 billion. However, according to a Dealstreet Asia report, experts had warned the company of “challenging” timing with the ongoing crisis in Ukraine.
—
Ready to meet new startups to invest in? We have more than hundreds of startups ready to connect with potential investors on our platform. Create or claim your Investor profile today and turn on e27 Connect to receive requests and fundraising information from them.
Image Credit: GoTo
The post Indonesia’s GoTo aims to raise US$1.11B in IPO appeared first on e27.