Indonesia’s GoTo Set to Raise up to US$1.1 Billion With IPO

Indonesia’s GoTo Set to Raise up to US$1.1 Billion With IPO

by March 16, 2022

Indonesia’s GoTo Group announced its plan to carry out an initial public offering (IPO) on the Indonesia Stock Exchange (IDX).

The IPO is expected to raise proceeds of at least IDR 15.2 trillion (US$1.1 billion) plus an additional IDR 2.3 trillion (US$160 million) should the greenshoe option be exercised.

The listing will be the first to be carried out under the new regulations on multiple voting shares set out by the Otoritas Jasa Keuangan (OJK), as well as the new listings regulations set out by the IDX.

The company intends to offer 48 billion Series A shares which may be upsized to a maximum of 52 billion Series A shares, consisting entirely of new shares issued by GoTo and representing up to 4.35% of its enlarged capital upon completion of the IPO.

GoTo said that it plans to use the proceeds from the IPO for working capital to support the its growth strategy.

The announcement comes on the heels of GoTo’s US$400 million fundraise from a subsidiary of the Abu Dhabi Investment Authority (ADIA) ahead of the IPO.

GoTo Group is a unique ecosystem that combines on-demand, e-commerce, and financial services through the Gojek, Tokopedia, GoTo Financial platforms.

Andre Soelistyo GoTo CEO

Andre Soelistyo

Andre Soelistyo, GoTo Group CEO said,

“This is a landmark moment in the history of our company as we set out on the final stretch towards becoming a publicly owned company on the Indonesia Stock Exchange.


We hope that our IPO will show the world the tremendous opportunity that exists in our country and throughout the Southeast Asia region.”