After generating $1.1 billion in an initial public offering, GoTo Group’s stock soared on the first day of trading on the Indonesia Stock Exchange (IPO).
According to Bloomberg, the shares rose 23% and were up 14% to 386 rupiah at 9:41 a.m. in Jakarta (The company offered 46.7 billion Series A shares at IDR338 apiece). This increased GoTo’s market capitalization to almost $32 billion dollars.
After Bukalapak and Mitratel, GoTo is the third-largest IPO in Indonesia.
GoTo announced the Gotong Royong Share Program last week, allocating more than US $20 million to driver-partners. It has established the GoTo Future Fund, an endowment fund dedicated to supporting ideas and solutions that improve the lives of GoTo ecosystem stakeholders.
GoTo Group CEO Andre Soelistyo said, “the people who deserve the most recognition for today’s milestone are the people who worked so hard to breathe life into our business. Our success can be wholly attributed to our driver-partners, merchants, consumers, and employees. Therefore, it was a priority for us to ensure they could benefit from our IPO via the Gotong Royong Share Program, one of the most inclusive share ownership programs today. With all of these groups working together, we are genuinely unstoppable as we pursue our mission to empower progress for Indonesia and Southeast Asia”.
The company says that its pro forma GTV increased at a 46 percent compound annual growth rate (CAGR) between 2018 and 2020, and at a 62 percent YoY rate between Q3 2020 and Q3 2021. Between FY2018 and FY2020, pro forma gross sales climbed at a 56 percent compound annual growth rate (CAGR) and 55 percent year over year (YoY) between Q3 2020 and Q3 2021.
