Jakarta, 31 March 2022 – PT GoTo Gojek Tokopedia Tbk (“GoTo Group'' or the “Group”), the largest digital ecosystem in Indonesia, has received approval from the Financial Services Authority (OJK) for its Initial Public Offering (IPO) on the Indonesian Stock Exchange (“IDX”). The Group’s offering will total USD1.1 billion (IDR15.8 trillion), which would make this the third largest IPO in Asia and fifth largest in the world this year.*
The price has been set in the top half of the range at IDR338 per share, representing a projected market capitalisation of approximately USD28 billion (IDR400.3 trillion). A total of 46.7 billion Series A shares are being offered for sale by GoTo Group, comprising newly issued, and treasury shares (for the purpose of over allotment). The public offering period will be held from 1st April, 2022 to 7th April, 2022 and the listing of the shares on the Main Board of the IDX is scheduled for 11th April, 2022, with the stock code GOTO.
Andre Soelistyo, GoTo Group CEO said, “We are pleased with the investor response, which has remained resilient, despite global macro and market volatility. To be able to access the public markets under the current conditions is testament to the long term potential of our business and will bolster our balance sheet while preserving value for shareholders. Indonesia’s capital market, which has out-performed other markets around the world, has the depth and capacity to support a listing of this scale.
“As Indonesia’s market leader, with an ecosystem that can address two-thirds of household consumption, we are proud to fly the flag for Indonesian technology as we prime our business for growth in one of the world’s most promising regions.”
Moleonoto The, President Director at Indo Premier Securities, one of the joint lead underwriters, said, “The positive response from quality, long-only Indonesia-based fund managers means GoTo begins its life as a listed business on strong foundations. To achieve a valuation that truly reflects the company’s underlying worth, within the current macro environment demonstrates the performance of the business and the impact it has had on Indonesian society. We are proud to have been part of this journey—one of the world’s most significant IPOs so far this year.”
GoTo Group is a unique ecosystem that combines on-demand, e-commerce, and financial services through the Gojek, Tokopedia, and GoTo Financial platforms. The Group is the market leader in Indonesia in each of its three business verticals and is well positioned for continued growth due to the advantage of synergies from within its large ecosystem. In the 12 months ended 30 September 2021, 55 million annual transacting users (ATUs) carried out two billion transactions representing USD28.9 billion of gross transaction value (GTV) within the GoTo ecosystem.
Indonesia is the region's largest economy, contributing a gross domestic product (GDP) of more than USD1 trillion, or 35.2% of Southeast Asia’s total GDP, and a population of 274 million, making it the largest country in Southeast Asia and the fourth largest in the world.
Indonesia and Southeast Asia have a young and highly tech-savvy population with growing spending power that is driving the growth of the region's digital economy.
PT Indo Premier Sekuritas, PT Mandiri Sekuritas, and PT Trimegah Sekuritas Indonesia Tbk are acting as the Joint Lead Underwriters for the IPO.
For more information on GoTo Group and the IPO, including procedures for ordering shares during the public offering period, please visit sahamgoto.com.
Notes to editors:
For the purpose of this press release, USD1 = IDR14,350
About GoTo Group
PT GoTo Gojek Tokopedia Tbk (GoTo Group) is the largest digital ecosystem in Indonesia. GoTo's mission is to "empower progress" by offering technology infrastructure and solutions that help everyone to access and thrive in the digital economy. The GoTo ecosystem consists of on-demand services (mobility, food delivery, and logistics), e-commerce (third party marketplaces + official stores, instant commerce, interactive commerce, and rural commerce), and financial technology (payments, financial services, and technology solutions for merchants) through the Gojek, Tokopedia, and GoTo Financial platforms.
Finsbury Glover Hering
Ben Richardson, Partner
Malcolm Robertson, Managing Director