Indonesian Tech Giant GoTo Debuts on Indonesian Stock Exchange
Indonesian tech giant GoTo Group officially made its debut on the Indonesian Stock Exchange (IDX) through an initial public offering (IPO) on Monday. The company’s stock code is GOTO.
The group raised $1.1 billion after issuing 46.7 billion shares at IDR 338 per share. After market close, GoTo shares surged another 13.2%, reaching a market capitalization of $31.5 billion.
Based on the total funds raised, GoTo’s IPO is the third largest in Asia and fifth largest in the world this year. Around 300,000 investors have participated – the highest ever number to take part in an IPO on the IDX.
As the fourth most populous country with a relatively young demographic, Indonesia has a high rate of penetration for mobile internet, currently sitting at around 80%. Indonesia is one of the fastest growing e-commerce markets in the world while still having room for massive growth within its e-commerce industries.
Formed from the merger of two other unicorns, Tokopedia, a travel and online payment platform, and Gojek, an e-commerce platform, GoTo is currently the largest digital platform in Indonesia with annual transaction volume that exceeded $28 billion last year. The combined synergies of one-stop shopping, on-demand services, and fintech services such as e-wallets, have nurtured an ecosystem supporting every-day needs of the 270 million residents of the country.
Since the merger, GoTo has received support from global capital and Internet giants from China. SoftBank Vision, Temasek, Google, KKR, Meta and other multinational capital have all put money into GoTo’s business operations. Alibaba, JD.com, Tencent, and private equity firm ZWC Partners have also invested in the company.
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Andre Soelistyo, the CEO of GoTo spoke about the company’s growth: “With an ecosystem that can solve two-thirds of household consumption, GoTo had more than 55 million users, 14 million merchants and 2.5 million drivers as of September last year, bringing out a more convenient mobile Internet life experience to society in Indonesia.”