Gojek prepares for a dual stock market listing, Co-CEO says

The new management says that Gojek is making progress on the path to profitability.

Indonesian ride-hailing firm Gojek new co-CEO Andre Sulistyo has confirmed on Thursday that his company is preparing to go for a dual stock market listing in the future, with Indonesia as its primary target.

Sulistyo remarks boosted the hopes of president commissioner of Gojek, Garibaldi Thohir, who said that Gojek will be an Indonesian public listed company someday.

“It is an opportunity for Indonesian investors to participate. If the opportunity permits, we also want to have a secondary listing somewhere else,” Sulistyo said.

Gojek co-founder and also recently appointed co-CEO Kevin Aluwi added that the company made significant progress towards ensuring the long term sustainability of the business, even if it has faced tough competition in the market.

”Many of our core products hit a positive contribution margin at the end of the year. It means that we are making money in every transaction. We also progressed significantly and built better tools for consumers,” Aluwi said.

Whether the Indonesian stock market will be sophisticated and liquid enough to absorb a decacorn company as Gojek, Sulistyo admitted that there will be some challenges ahead.

“The Indonesian market is not well educated yet and has not seen many large tech companies getting listed. There will always be that opportunity if we are successful in our journey. Then we will be in a unique position towards potential investors who believe in Indonesia from the macro standpoint,” Sulistyo said.

Currently, Gojek remains on track to raise USD 2 billion in fresh funds by the end of this year, Sulistyo added. The company also aspires to increase its user base outside Indonesia. At the moment, just about 20% of transacting users are from outside Indonesia. The company expects to have 50% global transacting users in the next few years.

Gojek announced on Monday the appointment of Soelistyo and Aluwi as its co-CEOs, right after former CEO Nadiem Makarim’s stepped out to become the country’s new education and culture minister in President Joko Widodo’s government.

Besides Gojek, Tokopedia’s co-founder and CEO William Tanuwijaya has also expressed its intention to prepare a dual stock market listing in the next few years, according to a Bloomberg report.

KrASIA’s reporter Khamila Mhulia also contributed to this report.