GoTo, the Indonesia-based, corporate-backed amalgamation of ride hailing service Gojek and e-commerce marketplace Tokopedia, revealed today it aims to raise at least Rp 15.2 trillion ($1.06bn) in an initial public offering.
The company plans to float on the Indonesia Stock Exchange and has set a range of Rp 316 to Rp 346 each for 48 billion shares. The greenshoe option could net up to Rp 2.3 trillion more, and the IPO would value it at almost $29bn if it prices the shares at the top of the range.
Formed in May 2021 through the merger of Tokopedia and GoJek, GoTo now oversees a diversified mobile offering with 55 million annual active users which encompasses e-commerce, financial services and a range of on-demand consumer services including rides, parcel and food delivery.
GoTo also operates a corporate venturing unit called Go Ventures which oversees a portfolio including mobile gaming platform developer Mobile Premier League and aquaculture technology provider eFishery. It said in a statement its pro forma gross revenue increased 55% year on year in Q3 2021.
Andre Soelistyo, chief executive of GoTo, said: “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.”
Internet technology provider Google and internet and gaming group Tencent had joined investment and financial services group Fidelity, Abu Dhabi Investment Authority, Avanda Investment Management, Permodalan Nasional, Primavera Capital Group, SeaTown Master Fund, Temasek and Ward Ferry to invest $1.3bn in GoTo in November 2021 at a reported $28.5bn valuation.
Tokopedia’s pre-merger funding stood at $3.1bn as of late 2020, its backers including Google, telecommunications group SoftBanks Vision Fund 1, SoftBank Ventures Asia, SB Pan Asia Fund and Softbank Internet and Media units, e-commerce group Alibaba, internet company CyberAgent, e-commerce firm Beenos and financial services provider SBI.
GoJek had raised a total of $4.8bn from investors including Google, Tencent, telecoms firm Telkom Indonesia’s Telkomsel unit, Facebook owner Meta and fellow corporates PayPal, Mitsubishi, Visa, Astra International, Allianz, Meituan, Blibli, Rakuten, JD.com, AIA and Siam Commercial Bank.
The offering will give some GoTo employees the opportunity to buy shares, and the lead underwriters for the IPO are Indo Premier Sekuritas, Mandiri Sekuritas and Trimegah Sekuritas Indonesia.
GoTo is the most highly valued venture-backed private company in its home country, though other notable players are online travel booking platform Traveloka, which had raised over $1.1bn as of mid-2020, and last-mile delivery service SiCepat, which secured $170m in its March 2021 series B round.
Photo courtesy of GoTo Group.
