GoTo is eyeing a $29 bln IPO in Jakarta. Given rival Grab’s disastrous New York debut and Sea’s share price plunge, the timing may bruise its new backers. But waiting much longer risks eroding GoTo’s strong market position, says JennHughes13
Indonesian technology firm GoTo Group on March 15 launched an initial public offering in Jakarta, aiming to raise up to 18 trillion rupiah . At that size, the SoftBank-backed group would be one of Indonesia’s biggest-ever floats.GoTo was formed in May from the merger of ride-hailing-to-payments firm Gojek and e-commerce leader Tokopedia. Chinese e-commerce giants Alibaba Group and Tencent, as well as Singapore sovereign wealth fund GIC are also backers.
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GoTo Rides Strong Investor Appetite For Market DebutI am a contributing editor for Forbes Asia based in Jakarta, Indonesia. Before joining Forbes Asia, I worked for Forbes Indonesia for almost a decade. I’ve covered stories about the country’s wealthiest people, fast-growing businesses, and emerging startups. For news tips, you can reach me at yrosendarforbesasia.com.
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