GoTo, the outcome of a high-profile merger of Gojek and Tokopedia, is planning an initial public offering on the Indonesia Stock Exchange to earn at least IDR15.2 trillion (US $1.25 billion) (IDX).
On April 4, the business will go public on the stock exchange, selling 52 billion shares, or 4.35 percent of the total, for IDR316 to IDR346 each piece.
Following the local listing, a worldwide listing is expected.
Following Bukalapak’s IPO in August last year, GoTo is the second Indonesian unicorn to be listed on the stock exchange. In the Southeast Asian tech startup environment, this IPO is one of the most anticipated.
Prior to this, GoTo’s competitor Grab went public on Nasdaq in December 2021.
After deducting issue fees, GoTo intends to use the funds from the IPO for operating capital to support the Group’s development strategy.
Between March 15 and 21, an initial offer (book building) will be made, followed by a public offering between March 29 and 31.
GoTo revealed in a news release that it plans to introduce the Gotong Royong Share Program, which will allow its “most engaged, long-serving, and loyal driver-partners, merchants, and consumers, as well as workers, to profit 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.
In November 2021, GoTo secured US $1.3 billion in a pre-IPO fundraising round headed by Abu Dhabi Investment Authority (ADIA).
Alibaba, SoftBank Vision Fund, Google, GIC, and Tencent were among the company’s most significant investors. In recent years, SEA’s tech unicorns have been racing to have their companies listed on various stock markets. While the price of these firms’ shares may have skyrocketed when they were originally released,
Bukalapak’s stock price has dropped by more than 73% after its first public offering. Starting with a rise of IDR1,110 per share, the price has now fallen to IDR276 at the time of writing.
Up to $2 billion was estimated to be raised by GoTo. Experts had cautioned the corporation of “difficult” scheduling due to the current conflict in Ukraine, according to a Dealstreet Asia article.
