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GoTo to list on Indonesian Stock Exchange in April

Written by Khamila Mulia Published on   3 mins read

The company will trade under the ticker symbol GOTO.

After months of speculation and anticipation, GoTo, which was formed in 2021 after a merger involving Gojek and Tokopedia, will have its initial public offering in April on the Indonesia Stock Exchange (IDX).

The company will issue 52 billion shares, which is equivalent to 4.35% of the fully paid-up and issued capital, at IDR 316–346 (USD 0.022–0.0024) apiece. The firm expects to raise at least IDR 15.2 trillion (USD 1.1 billion).

This is expected to be the second largest IPO on the IDX after Bukalapak, which went public in August 2021 and raised IDR 21.9 trillion (USD 1.5 billion). GoTo’s estimated market cap at admission to the IDX will be between IDR 376.6 trillion and IDR 413.7 trillion (USD 26.2 billion to USD 28.8 billion).

GoTo’s initial offer will be executed from March 15 to March 21, with a public offering period intended for March 29 to March 31.  The firm’s shares will begin trading on April 4 under the ticker symbol GOTO, according to the company’s prospectus.

The company  has appointed three underwriters for the listing, namely Indo Premier Sekuritas, Mandiri Sekuritas, and Trimegah Sekuritas Indonesia.

​​“Our listing will be a great moment for those involved in the success of our ecosystem and for everyone who believes in the ‘Indonesian dream,’” said Andre Soelistyo, CEO of GoTo Group, during a press conference on Tuesday.

GoTo was established when the two largest tech startups in Indonesia, Gojek and Tokopedia, merged in May 2021. Rumors of GoTo’s IPO have been circulating since the holding company’s formation.

The group offers services across a range of sectors, including ride-hailing, e-commerce, food and parcel deliveries, as well as financial services. The combined entity has around 55 million annual transacting users, 14 million merchants, and 2.5 million driver-partners. Its estimated gross transaction value was IDR 414.2 trillion (USD 28.8 billion) in the 12 months ended September 30, 2021, while its gross revenue in the same period was IDR 15.1 trillion (USD 1 billion).

GoTo’s net revenue from January to September 2021 was IDR 3.4 trillion (USD 237.4 million), a 47% increase from IDR 2.3 trillion (USD 160.6 million) during the same period in 2020. However, the group reported a loss of IDR 12.2 trillion (USD 852 million) during these nine months last year, up from IDR 11.3 trillion (USD 789.2 million) during the same period in 2020.

Beyond Indonesia, GoTo also has a presence in Singapore and Vietnam through Gojek, although the firm is struggling to compete with Grab, which is the market leader for ride-sharing in those two markets.

In December, Grab launched its IPO on the Nasdaq. It went public via a SPAC merger with Altimeter Growth Corp at a valuation of nearly USD 40 billion. However, the value of the company’s shares has been sliding since then, reaching USD 3.02 on March 15 with a market cap of roughly USD 11.3 billion, a significant shortfall from its IPO valuation.

To allay investor concerns, Grab’s executives have extended the lockup period of their stakes by two years, moving the expiration date to May 30, 2023.

After listing on IDX, GoTo is planning for a secondary offering overseas by the end of 2023, but the company hasn’t determined where this will take place. Options include the New York Stock Exchange, Nasdaq, Hong Kong Stock Exchange, Singapore Stock Exchange, and London Stock Exchange, according to GoTo’s prospectus.


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