Indonesia’s GoTo makes stock market debut with $1.1B IPO

GoTo Group has made its debut on the Indonesia Stock Exchange, raising an estimated $1.1 billion (15.8 trillion rupiah) from its Initial Public Offering (IPO). The funds will be tapped to drive its expansion into high growth markets such as Singapore and Vietnam, as well as drive customer engagement.

The merged entity between Gojek and Tokopedia, GoTo said in a statement Monday that the total amount raised represented a market capitalisation of $28 billion (400.3 trillion rupiah).

it also marked the third-largest IPO in Asia and fifth-largest globally this year, said Indonesia e-commerce giant, adding that some 300,000 investors netted shares in the public offering. This was the largest number to participate in an IPO on the Indonesia Stock Exchange.

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A total of 46.7 billion Series A shares was offered, comprising newly issued and treasure shares, at a price of 338 rupiah. Its share price climbed as high as 22.5% to 414 rupiah following its debut.

GoTo said it distributed more than $20 million worth of shares to its driver-partners, as part of its Gotong Royong Share Program. Some of this amount also was set aside to establish the GoTo Future Fund, which the company described as an endowment fund to support initiatives that benefited stakeholders in its ecosystem.

The funds raised would be tapped to fuel its expansion in high growth areas across the region, including Indonesia, as well as investments in technology and infrastructure and the company’s transition towards electric vehicles.

It also would use the monies to drive customer growth, enhance user experience, and boost synergies across its ecosystem, including improving its loyalty and rewards programme and expanding its financial services.

GoTo Group CEO Andre Soelistyo said: “Our listing will strengthen our ability to pursue our mission and better serve customers. Despite global market volatility, investor interest has been strong, reflecting the rapidly growing demand in Southeast Asia for our on-demand e-commerce and financial technology services, as well as confidence in GoTo’s position as the largest digital ecosystem in Indonesia.”

The e-commerce company further noted that Indonesia was Southeast Asia’s largest economy, with a GDP in excess of $1 trillion, and was home to the world’s fourth-largest population at 274 million.

GoTo clocked a pro forma gross transaction value of 414.2 trillion rupiah ($28.8 billion) for the year ended September 30, 2021, and gross revenue of 15.1 trillion rupiah ($1 billion). It had more than 55 million transacting users a year, pro forma, as of September 30 last year, with more than 2.5 million registered driver partners and more than 14 million registered merchants.

In announcing their merger last May following months of market speculation, Gojek and Tokopedia said the joint entity’s ecosystem accounted for 2% of Indonesia’s GDP.

The merger was supported by the companies’ existing investors, which included Alibaba Group, Facebook, Google,, Temasek Holdings, Visa, and Tencent.


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