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Indonesia’s GoTo Kicks Off $1.3bn IPO in Booming Sector

GoTo said it plans to sell up to 52 billion Series A shares and set a price range of 316 rupiah to 346 rupiah per share for the issue

Asia stock markets had a mixed day on Thursday
A man walks past a screen at the Indonesia Stock Exchange building in Jakarta. Photo: Reuters


Indonesia’s biggest tech firm GoTo Group is testing investors’ appetite with a public offering that is set to raise up to 17.992 trillion rupiah ($1.3 billion) this month, marking one of the biggest domestic offerings in the booming sector.

In its prospectus published on Tuesday, GoTo said it plans to sell up to 52 billion Series A shares and set a price range of 316 rupiah to 346 rupiah per share for the issue. The book building process starts Tuesday and ends on March 21, with the listing set for April 4.

Goto, formed by merging ride-hailing-to-payments firm Gojek and e-commerce leader Tokopedia last year, counts Alibaba Group, SoftBank Group, Singapore sovereign wealth fund GIC and Tencent Holdings among its backers.

The IPO comes at a time when global stocks have tumbled and issuers are postponing offerings as the crisis in Ukraine pushes up commodity prices, stoking worries of economic damage.

Still, some commodity-heavy markets such as Indonesia are holding up, with the local index up 5.7% so far this year after rising to a record high in recent weeks.

The widely expected IPO comes after GoTo secured more than $1.3 billion from investors including Abu Dhabi Investment Authority and Fidelity International late last year in its pre-IPO funding exercise.

Since the Covid-19 pandemic, food delivery, e-commerce and payment services have seen explosive growth in Indonesia, Southeast Asia’s largest economy, with investors rushing to back fast-growing companies.

GoTo’s IPO’s underwriters include PT Indo Premier Sekuritas, PT Mandiri Sekuritas and PT Trimegah Sekuritas Indonesia.


  • Reuters with additional editing by Sean OMeara





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Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.


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