Indonesia’s GoTo aims to raise $1.26 billion in local IPO
Indonesia’s largest tech firm said on Tuesday it planned to raise up to $1.26 billion (€1.15bn) through an initial public offering (IPO) this month, despite tumultuous world market conditions.
The GoTo Group set a price range of 316 to 346 rupiah per share for the local IPO, and aims to sell up to 52 billion new Series A shares through the listing, or about 4.35 per cent of total shares. This price range implies an estimated market capitalisation between $26.2 billion and $28.8 billion, the group said in its press release.
GoTo, the largest digital ecosystem in Indonesia, was formed by the merger of ride-hailing company Gojek and e-commerce platform Tokopedia in May 2021.
“Our listing will be a great moment for those involved in the success of our ecosystem and for everyone that believes in the Indonesian dream,” GoTo Group CEO Andre Soelistyo said.
The Jakarta-based company said it expected to raise at least $1.1 billion from the listing plus an additional $160 million if it decides to exercise the greenshoe option.
An initial offer will be carried out between March 15 and 21, 2022, with a public offering period targeted for March 29-31, the company said in a statement.
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