JAKARTA - PT GoTo Gojek Tokopedia Tbk (GoTo Group), the largest digital ecosystem in Indonesia, today announced its plan to carry out an initial public offering (the “IPO”) on the Indonesia Stock Exchange (IDX). The IPO is expected to raise proceeds of at least IDR 15.2 trillion (USD1.1 billion).
Andre Soelistyo, GoTo Group CEO said, “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. We hope that our IPO will show the world the tremendous opportunity that exists in our country and throughout the Southeast Asia region.”
The listing will be the first to be carried out under the new regulations on multiple voting shares set out by the OJK, as well as the new listings regulations set out by the IDX. The company intends to offer 48 billion Series A shares (which may be upsized to a maximum of 52 billion Series A shares), consisting entirely of new shares issued by the Company and representing up to 4.35% of its enlarged capital upon completion of the IPO (excluding any over-allotment shares). As such, the company expects to raise at least IDR 15.2 trillion (USD1.1 billion) plus an additional IDR 2.3 trillion (USD160 million) should the greenshoe option be exercised.
The price range for the IPO has been set at IDR 316-346 per share, implying an estimated market capitalization at admission to the IDX of between IDR 376.6 trillion (USD26.2 billion) and IDR 413.7 trillion (USD28.8 billion).
GoTo Group plans to use the proceeds from the IPO, after deducting issuance costs, for working capital to support the Group’s growth strategy. An initial offer (book building) will be executed between March 15-21, 2022, with a public offering period targeted for March 29-31 2022. Listing on the Main Board of the IDX with the stock code GOTO will take place over the coming weeks.
GoTo Group has appointed PT Indo Premier Sekuritas, PT Mandiri Sekuritas, and PT Trimegah Sekuritas Indonesia Tbk as the Joint Lead Underwriters for the IPO. The details of the IPO were announced during a Public Expose event that took place today, March 15, 2022. (LM)