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Indonesian GoTo Group With $29B Valuation Looking to Raise $1.2B In Local IPO

GoTo Group planning to go IPO at a time of increased volatility in the stock market & the chaos caused by Russia’s invasion of Ukraine.

Indonesian GoTo Group With $29B Valuation Looking To Raise $1.2B In Local IPO

GoTo Group, an Indonesian digital business founded last year via a combination of ride-hailing behemoth Gojek and marketplace Tokopedia, wants to raise about $1.2 billion in an Indonesian initial public offering (IPO) set for 4 April.

GoTo intends to offer up to 52 billion additional Series A shares at 316 to 346 rupiah each, raising $28.8 billion at the high end of the range. The decision comes at a time of increasing volatility in the stock market and the chaos caused by Russia’s invasion of Ukraine, which has rattled financial markets.

In its pre-IPO last year, the business received over $1.3 billion from investors, including Fidelity International, Tencent, Temasek, SoftBank Group, Google, and the Abu Dhabi Investment Authority (ADIA).

In November, the business announced its intention to list in both Jakarta and New York.  When questioned about its plans for an IPO in the United States, GoTo did not comment immediately. The IPO revenues will be used to fund GoTo’s development plan, which includes three companies (ride-hailing, e-commerce, and financial services) operating inside a unified ecosystem.

According to the company, its Indonesian e-commerce total addressable market (TAM) is expected to grow to approximately $137.5 billion in 2025, up from $44.6 billion in 2020, while the country’s financial technology TAM is expected to grow to approximately $70.1 billion in 2025, up from $17.8 billion in 2020.

In the fiscal year ending September, GoTo had a gross transaction value (GTV) of $28.8 billion and gross revenue of $1 billion. As of September 2021, GoTo had over 2.5 million registered drivers and more than 14 million registered merchants.

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