Heaptalk, Jakarta — PT GoTo Gojek Tokopedia Tbk (GoTo), Indonesia’s ride-hailing, e-commerce, and fintech group announce to kick off its debut on Indonesia Stock Exchange (IDX). The book-building has been started yesterday, March 15th, and will end on March 21st, 2022.
“After book-building is done, we predict that the effective date of IPO (released by Financial Service Authority or OJK) will be on March 25th, 2022. In addition, the IPO period is predicted to be on March 29th – 31st, 2022,” stated Silva Halim, the Director of Market Capital of Mandiri Sekuritas.
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Performing Initial Public Offering (IPO), Southeast Asia’s decacorn is set to raise US$1.1 billion, with the additional fresh fund from the greenshoe option of US$160 million. The total fund entering GoTo’s financial coffer will represent 4.35% of its issued and paid-up capital, excluding additional shares from over-allotment options.
To attain the investment objective, the Group that is claimed to have the largest ecosystem in Indonesia offers 48 billion of its series A stakes with the price range around US$0.022 to US$0.024 per share (US$1 equals to Rp14,304). Perceiving its book-building, GoTo, on its official statement, mentioned that the number is feasible to enhance up to 52 billion (03/15).
For this attainment, GoTo’s Chief Executive Officer Andre Soelistyo, as cited in Kompas (03/15), conveyed his appreciation, “I am proud of GoTo and also touched because the Group that We have built together has attained the tremendous milestones today”.
Based on the initial prospectus released, GoTo plans to utilize the fresh fund for working capital and also to leverage investment in its subsidiary companies for working capital. In more detail, GoTo’s will allocate its fund to the Issuer (30%), Tokopedia (30%), and PT DAB GoPay (25%). Moreover, each of GoTo’s subsidiaries, including PT MAB (part of GoFinance), VDIGI SG Ltd., and Go Viet Ltd, will gain 5% of the fresh capital, respectively.
“The entire fund from IPO, after subtracted by the cost of emission, will be capitalized by the issuer as working capital,” stated GoTo in its initial prospectus. (03/16).
The news about GoTo’s debut in the Indonesia stock exchange has been widely spread after the Group secured more than US$1.3 billion from its global investor in November in the first close of its pre-IPO funding round. The news has been materialized, and on its implementation, the Group has appointed several underwriters, including PT Indo Premier Sekuritas, PT Mandiri Sekuritas, and PT Trimegah Sekuritas Indonesia.
As additional information, GoTo is a digital platform that integrates on-demand services, e-commerce, and fintech services. The Group has the vision to advance its consumers, merchant partners, as well as drivers in its ecosystem through technology and innovation. Today, the services provided by the Group are reflected in its three focuses, including Gojek, Tokopedia, and GoTo Finance.
The Group, further, has carried out aggressive expansion to other countries around Southeast Asia, spanning Singapore and Vietnam. From its notion, the potential to enlarge its ecosystem to other countries around the mentioned areas is also tremendous. (WLN)