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GoTo announces IPO on Indonesia Stock Exchang

Wednesday 16 March 2022 11:38 CET | News

The fusion between ride-hailing startup Gojek and ecommerce company Tokopedia, trading under the name of PT GoTo has announced its plan to carry out an initial public offering (IPO) on the Indonesia Stock Exchange (IDX) market. 

The IPO is expected to reach a total value of over USD 1.1 billion, making GoTo a Unicorn and becoming one of the most significant IPOs conducted in the country.

The company’s ecosystem of on-demand, ecommerce, and financial tech services already connects millions of merchants, consumers, and driver-partners, with the mission to empower progress for all parts in a fast-pace growing digital economy. The integration of three different businesses under the same umbrella, including a local delivery network, cross-platform consumer loyalty capabilities, and financial services offered across multiple use cases, makes GoTo one of the most prominent businesses in Indonesia.

As part of the IPO, the company intends to offer 48 billion Series A shares (which may increase up to 52 billion Series A shares), representing 4.35% of its enlarged capital upon the completion of the IPO. Therefore, the company is expected to raise up to USD 1.1 billion, in addition to the USD 160 million if the greenshoe option will be exercised.

GoTo plans to sell shares at a value of up to IDR 346 per share (USD 0.024 per share) and will use the funds to supports its growth strategy.


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Keywords: IPO, Unicorn, GoTo Group, ecommerce, delivery
Categories: Payments & Commerce
Companies:
Countries: Indonesia
This article is part of category

Payments & Commerce