GoTo Announces Listing Debut on Indonesian Stock Exchange

TheIndonesia.id - Indonesian giant PT GoTo Gojek Tokopedia Tbk announced the company’s listing on the Indonesia Stock Exchange (IDX) on Monday, April 11, where its shares will trade under the stock code GOTO.

The IPO price is set Rp338 per share, a statement from the company said.

GoTo also announced that the total amount raised from its initial public offering (IPO) process is approximately US$1.1 billion, comprising US$954.7 million in proceeds and US$146.3 million from treasury shares for the purpose of over allotment, representing a market capitalization of approximately US$28 billion.

Based on the total funds raised, GoTo’s IPO is the third largest in Asia and fifth largest in the world this year, with around 300,000 investors have participated – the highest ever number to take part in an IPO on the IDX.

GoTo Group’s CEO Andre Soelistyo said the figure shows that investors still firmly believe in the company’s relevance, and it also shows that the company remains one of the biggest in Indonesia.

“Our listing on the Indonesia Stock Exchange will strengthen our ability to pursue our mission and better serve customers. Despite global market volatility, investor interest has been strong, reflecting the rapidly growing demand in Southeast Asia for our on-demand, e-commerce, and financial technology services, as well as confidence in GoTo's position as the largest digital ecosystem in Indonesia,” Soelistyo said.

The listing ceremony and handover of the listing certificate took place on Monday at the IDX in Jakarta and was attended by the Coordinating Minister for Economic Affairs Airlangga Hartarto, chairman of the board of commissioners of Financial Services Authority (OJK) Wimboh Santoso, and IDX’s president director Inarno Djajadi.

Earlier this month, the merger company between ride-hailing services provider Gojek and e-commerce platform Tokopedia announced the launch of an employee share ownership program ahead of the listing.

Under the Gotong Royong (Mutual Cooperation) Share Program, GoTo is set to distribute Rp310 billion (US$20 million) worth of the company’s shares to eligible drivers in Indonesia.