GoTo, formed by the $18B merger of superapp Gojek and e-commerce business Tokopedia, plans to raise up to $1.3B via an Indonesia Stock Exchange IPO in April
SoftBank-backed tech group to list as investors bet on booming digital economy — GoTo, Indonesia's biggest start-up …
Context & Ripple Effects
GoTo was built through the planned $18B combination of Gojek and Tokopedia, then added more than $1.3B from Abu Dhabi Investment Authority, Google and other investors ahead of a public offering. The proposed Jakarta listing is the next financing step for the combined group.
Earlier reporting placed GoTo's pre-IPO fundraising at a $28.5B valuation; the IPO plan moves the valuation and capital-raising process from private backers toward Indonesia Stock Exchange investors.
First-order effects
- GoTo gains a route to raise as much as $1.3B from public-market investors, while Gojek, Tokopedia and their existing backers acquire a listed parent company rather than a purely private one.
- The Indonesia Stock Exchange becomes the proposed venue for one of Indonesia's largest start-ups, putting GoTo's offering terms in front of local public-market investors.
Second-order effects
- GoTo's IPO terms create a nearer-term reference point for Indonesian technology companies considering listings, particularly after its earlier $1B-$2B private fundraising discussions.
- SoftBank and other pre-IPO investors face a shift from private valuation marks to a publicly traded benchmark once GoTo lists.
Third-order effects
- If major combined technology groups continue choosing Jakarta for flotations, Indonesia's domestic exchange can become a more important funding and price-discovery venue for the country's digital-economy companies rather than merely their private capital source.
The trend: GoTo's planned offering is part of the shift of Indonesia's large digital platforms from merger-led private financing toward domestic public-market funding.