JAKARTA. It turns out that PT Goto Gojek Tokopedia Tbk (GOTO) had suffered series of losses for over than three years prior to its initial public offering (IPO) in Indonesia Stock Exchange (IDX).
Based on idnfinancials.com data, GOTO’s losses in 2018 amounted to IDR 11.75 trillion. It worsened in 2019 to IDR 24.08 trillion. By the end of 2020, it recorded a loss of IDR 16.74 trillion, before finally improving to IDR 11.58 trillion in September 2021.
Furthermore, the accumulated loss of GOTO reportedly reached IDR 20.44 trillion in 2018, IDR 43.19 trillion in 2019, and IDR 65.29 trillion in 2020.
In the released prospectus, the management of GOTO mentioned that the said consecutive losses were a result of many factors. Some of the factors include the high costs of sales and marketing, depreciation and amortisation, technology development, as well as employees’ salary and benefits.
“The company cannot guarantee that it will record a net profit in the future,” the management of GOTO admitted in the IPO prospectus.
For the record, GOTO will issue 52 billion shares during the IPO in IDX. The shares to be offered are equivalent to 4.35% of its paid-up capital. Each share will be sold for IDR 338, possibly resulting in IDR 17.57 trillion of fresh funds gained by the end of this corporate action. (KR/ZH)