Jakarta – The largest digital ecosystem company in Indonesia, GoTo Gojek Tokopedia, has secured a greenlight from the Financial Services Authority, or OJK, for its $1.1 billion share offering on the country’s stock exchange tomorrow, the company said in a statement on Thursday.
GoTo will offer 46.7 billion Series A shares, including newly issued and treasury shares, at Rp 338 per share in an initial public offering (IPO) on April 1-7 on Indonesia Stock Exchange (IDX) after garnering ample interest from retail and institutional investors in the book-building process last-week.
At that price, the company would raise Rp 15.8 trillion ($1.1 billion) in fresh capital, making it the third-largest IPO in Asia and the fifth in the world so far this year. The offering price also reflected GoTo’s valuation at Rp 400.3 trillion.
GoTo appointed Indo Premier Sekuritas, Mandiri Sekuritas, and Trimegah Sekuritas Indonesia as the implementing underwriters or joint lead underwriters for the IPO.
“We are grateful to see the positive response from investors, which has persisted amid macroeconomic and global market turmoil,” Andre Soelistyo, GoTo’s chief executive officer (CEO), said in the statement.
“Being able to enter the market under current conditions is a testament to the long-term potential of GoTo’s business which will strengthen the balance sheet and create added value for shareholders. The Indonesian capital market, which has outperformed other markets worldwide, has the resilience and capacity to support a listing of this scale,” Andre said.
He added, as a market leader in Indonesia, with an ecosystem that can serve two-thirds of household consumption, GoTo is proud to be able to fly the flag representing Indonesia’s technology sector. “As we continue to drive our business growth in one of the most promising regions in the world,” he said.
GoTo is an ecosystem that combines on-demand services, e-commerce, and financial technology through the Gojek, Tokopedia, and GoTo Financial platforms. The company catered to 55 million users in the 12 months ending Sep 30, 2021. The company processed more than 2 billion transactions with a gross transaction value (GTV) of Rp 414.2 trillion.
As the market leader in Indonesia across its three business lines, GoTo is in a solid position to continue its growth by leveraging the advantages of synergies in an integrated ecosystem. In the 12 months ending Sep 30, 2021, 55 million users transacted annually (annual transacting users / ATU) with an order value of up to 2 billion in the GoTo ecosystem and a gross transaction value (GTV) of up to IDR 414.2 trillion.