GoTo Group, the Indonesia-based, corporate-backed joint venture between ride hailing platform operator Gojek and e-commerce group Tokopedia, has floated in a $1.1bn initial public offering.
The company priced its shares at Rp 338 ($0.024) each according to Bloomberg, which cited sources privy to the development, above the middle of the Rp 316 to Rp 346 range it had set earlier this month.
Formed in May 2021 by Tokopedia and GoJek, GoTo provides a portfolio of mobile services covering e-commerce, financial services and on-demand consumer offerings that cater to some 55 million active users a year.
The flotation represents the second-largest IPO since Russia’s invasion of Ukraine began in late February, after utility operator Dubai Electricity & Water Authority’s $2.2bn offering this morning.
Before GoTo’s listing, 10 other companies had secured roughly a combined $172m in IPOs on the Indonesia Stock Exchange (IDX) this year according to Bloomberg data, indicating a 30% year-on-year rise.
RA Koesoemohadianil, corporate secretary for GoTo, said: “The IPO is just the beginning of GoTo’s next phase of growth. We hope that we can keep growing together with our investors, and continue to empower progress for GoTo’s ecosystem, the digital economy and Indonesia’s capital market.”
The company had last raised funding in a $1.3bn round in November 2021 at a $28.5bn valuation, from investors including internet technology provider Google and internet and gaming conglomerate Tencent.
Investment and financial services group Fidelity filled out the participants in the November round, along with Abu Dhabi Investment Authority, Avanda Investment Management, Permodalan Nasional, Primavera Capital Group, SeaTown Master Fund, Temasek and Ward Ferry.
Prior to the merger, Tokopedia had received $3.1bn in funding from investors such as Google, telecommunications group SoftBank’s Vision Fund 1, SoftBank Ventures Asia, SB Pan Asia Fund and Softbank Internet and Media units, e-commerce firms Alibaba and Beenos, internet company CyberAgent and financial services provider SBI.
GoJek had secured $4.8bn from backers including Google, Tencent, telecoms firm Telkom Indonesia’s Telkomsel subsidiary, social media platform operator Meta (formerly Facebook), payment services providers PayPal and Visa, conglomerates Mitsubishi and Astra International, insurers Allianz and AIA, e-commerce firm JD.com, Meituan and Rakuten, video streamer Blibli and financial services firm Siam Commercial Bank.
Indo Premier Sekuritas, Mandiri Sekuritas and Trimegah Sekuritas Indonesia were joint lead bookrunners for the offering while CIMB Niaga Sekuritas and Nilai Inti Sekuritas were co-managers.
Photo courtesy of GoTo Group.
