IPO

Gojek’s New Co-CEOs Plan For Dual Listing, Expanded Market Share

New Gojek Leadership Eyes Dual Listing

Gojek, an Indonesia-based ride-hailing and payments company, has said it’s getting ready for a dual listing, and it’s looking for a larger share of the regional market.

The company’s two new chief executives, Andre Soelistyo and Kevin Aluwi, want to continue expanding the company, which started as a ride-hailing service and has evolved to include a slew of services for its customers, Reuters reported.

Former CEO Nadiem Makarim is leaving to join the cabinet of Indonesian President Joko Widodo as the minister of education and culture.

Soelistyo was previously the Gojek group president, and he said the company “is likely to do a dual listing as we are an Indonesian company first.”

However, as the company is one of the most successful to ever come out of the country, he said Gojek would have to “educate the market,” comparing it to another similarly successful company, Astra.

Although there is “no set date” for a listing, he said the company is trying to work on “building better governance” with the initial public offering (IPO).

About 80 percent of Gojek’s client base operates in Indonesia, which is the largest economy in Southeast Asia and contains about 29.2 million active users. The company said it has 7.1 million active monthly users in the rest of the region.

By the end of the year, Gojek is set to raise about $2 billion, from companies like Google, Tencent and JD. The idea of an IPO for Gojek has attracted global attention and is widely seen as a potential boon to the market.

There are some questions by analysts about the fact that another company, Grab, which is based in Singapore, is also growing at a successful rate. Many wonder if Gojek can truly expand, or whether Grab will do so first.

The new CEOs said they will bring a new approach to leading the company.

“The different approach that we’re going to bring to the table is going to be a lot more measured, a lot more process-driven to really focus the company on the right things versus too much experimentation,” Aluwi said.

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