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Featured15 Mar 2022 5:15

Indonesian super app GoTo files for $1.1bn Jakarta IPO

by Team AsiaTechDaily
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Superapp GoTo has filed to raise at least IDR15.2 trillion, or about $1.1 billion, in an initial public offering (IPO) on the Indonesia Stock Exchange, according to a press release Tuesday.

GoTo was created by merging two of Indonesia’s tech giants – ride-hailing firm GoJek and e-commerce player Tokopedia, creating a superapp combining e-commerce, transportation and financial services.

As part of the IPO, and in-line with its ongoing commitment to delivering a positive social impact, GoTo Group is also planning to launch the Gotong Royong Share Program, which will provide the Group’s 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 program, 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.

“This is a landmark moment in the history of our company as we set out on the final stretch towards becoming a publicly owned company on the Indonesia Stock Exchange. Indonesia is one of the largest and most exciting growth markets in the world, as reflected in the resilience our capital market has shown this year, against a backdrop of global market volatility. We hope that our IPO will show the world the tremendous opportunity that exists in our country and throughout the Southeast Asia region,” said GoTo Group CEO Andre Soelistyo.

“The strength of our business is that we are more than the sum of our parts. Our ecosystem of on-demand, e-commerce and financial technology services connects millions of consumers, driver-partners and merchants, with the mission to empower progress for everyone in the fast-growing digital economy. We are proud that we’ve come from humble origins in Indonesia, earned the trust of millions of consumers, driver-partners, and merchants, partnered with leading global investors and are now taking our next steps in building an iconic, internationally renowned technology company.”

The listing will be the first to be carried out under the new regulations on multiple voting shares set out by the OJK, as well as the new listings regulations set out by the IDX. The company intends to offer 48 billion Series A shares (which may be upsized to a maximum of 52 billion Series A shares), consisting entirely of new shares issued by the Company and representing up to 4.35% of its enlarged capital upon completion of the IPO (excluding any over-allotment shares).

As such, the company expects to raise at least IDR 15.2 trillion (USD1.1 billion) plus an additional IDR 2.3 trillion (USD160 million) should the greenshoe option be exercised.

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