GoTo Wins Approval for $1.1B IPO

The GoTo Group, which calls itself the largest digital ecosystem in Indonesia, has been given the green light to go public, the Jakarta-based company announced Thursday (March 31).

The Financial Services Authority of Indonesia, the government agency which regulates the financial services sector, approved GoTo’s $1.1 billion (15.8 trillion Indonesian rupiah, or IDR) initial public offering (IPO).

If successful, the stock will be listed on the Indonesian Stock Exchange as GOTO and be among the largest IPOs in the world so far this year, the company said.

The price has been set in the top half of the range at IDR338 per share ($0.024) giving it a market cap of IDR400.3 trillion ($28 billion).

A total of 46.7 billion Series A shares are being offered for sale by GoTo from April 1 through April 7. They are comprised of newly issued stocks and treasury shares.

“We are pleased with the investor response, which has remained resilient, despite global macro and market volatility,” said GoTo CEO Andre Soelistyo in a statement. “To … access the public markets under the current conditions is testament to the long term potential of our business and will bolster our balance sheet while preserving value for shareholders.”

Two weeks ago, PYMNTS reported GoTo planned to raise $1.3 billion at an estimated valuation of $29 billion in an initial public offering.

See also: Super App GoTo Readies $1.3B IPO on Indonesia Stock Exchange

Founded last spring following the $18 billion merger with super app Gojek and eCommerce firm Tokopedia, GoTo combined both platforms with its own financial network to offer ride-hailing, delivery, eCommerce and financial services.

The company first announced plans to go public in November 2021 following $1.3 billion in funding that was backed by the Abu Dhabi Investment Authority, Google, Tencent, Temasek and others.