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

Super app GoTo, Indonesia’s largest startup, is planning to raise $1.3 billion at an estimated valuation of $29 billion in an initial public offering (IPO) in April.

“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. Indonesia is one of the largest and most exciting growth markets in the world, as reflected in the resilience our capital market has shown this year, against a backdrop of global market volatility,” Andre Soelistyo, GoTo Group CEO said, in a press release on Tuesday (March 15).

He added that the company hopes that through the IPO, the world will see the “tremendous opportunity” offered by Indonesia and across the Southeast Asia area.

Formed in May 2021 following the $18 billion merger between super app Gojek and eCommerce firm Tokopedia, GoTo combines both platforms with its own financial platform 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.

See also: Indonesian Super App GoTo Lands $1.3B in Funding

“The strength of our business is that we are more than the sum of our parts. Our ecosystem of on-demand, eCommerce and financial technology services connects millions of consumers, driver-partners and merchants, with the mission to empower progress for everyone in the fast-growing digital economy,” Soelistyo said.

As part of the IPO, GoTo is planning to launch the Gotong Royong Share Program, to provide long-serving drivers, merchants, consumers, and employees, with the “opportunity to benefit from the IPO.”

The Group’s Long-Term Incentive Plan Program makes full-time drivers eligible for grants, and long-term merchants and consumers can purchase shares via a fixed allocation at the IPO.