May 23, 2022

Indonesian tech company Goto Group, which was created last year from a merger between giant Gojek and marketplace Tokopedia, has raised at least $1.1 billion (Rs 15.2 trillion) in an IPO in Indonesia scheduled for April 4.

Goto says it plans to sell 52 billion new Series A shares at Rs 316 to Rs 346, raising $28.8 billion at the top of the range.

The move comes amid heightened price volatility and turmoil following the Russian invasion of Ukraine that rocked financial markets.

“Indonesia is one of the largest and most exciting growth markets in the world, as shown by our capital markets this year amid volatility in global markets,” said Goto CEO Andre Soelistio. Statement.. “Our mention will be an important moment for those who are involved in the success of our ecosystem, and for all who believe in the Indonesian dream.”

Last year, the company raised more than $1.3 billion in its pre-IPO from investors including the Abu Dhabi Investment Authority (ADIA), Google, SoftBank Group, Temasek, Tencent and Fidelity International.

In November, the company said it was planning a dual listing in Jakarta and New York. Goto did not immediately respond to a question about the US IPO plan.

Goto, which has three companies (travel, e-commerce and financial services) under the same ecosystem, will use the IPO proceeds to support its growth strategy.

“The strength of our company is that we are more than the sum of its parts. Our ecosystem of on-demand services, e-commerce and fintech connects millions of consumers, partner drivers and merchants with a mission to drive progress for all in the rapidly growing digital economy,” Solistio said.

The company says its total targeted e-commerce (TAM) market in Indonesia is expected to grow to around $137.5 billion by 2025, up from $44.6 billion in 2020, while the country is expected to have financial technology TAM. In 2025, this amount will increase to about $70.1 billion. From $17.8 billion in 2020.

Goto posted a gross deal value (GTV) of $28.8 billion and gross sales of $1 billion for the 12 months ending September.

As of September 2021, GoTo has over 2.5 million registered drivers and over 14 million registered sellers.

Leave a Reply

Your email address will not be published.