GoTo Group, a unicorn tech startup formed last year from the merger between Indonesian internet startups Gojek and Tokopedia, has received enough investor orders for its much-anticipated IPO, according to an exclusive Reuters report citing two Sources familiar with the matter.
The unicorn startup could raise at least $1.1 billion within its target price range. GoTo has said in the past that it should be valued at between $26.2 billion and $28.8 billion, a valuation that would make it Indonesia’s most valuable tech startup and the fourth-largest publicly traded company. The IPO is expected to be priced in early April and will then be open to retail investors.
Just last week, GoTo said it was aiming to raise at least $1.1 billion (15.2 trillion rupiah) by offering 48 billion new Series A shares at a price range of 316 rupiah to 346 rupiah per share. The offered shares represent up to 4.35% of the enlarged capital.
We covered GoTo Group back in November when the startup raised $1.3 billion in a pre-IPO funding round led by the Abu Dhabi Investment Authority. Supporters in the pre-IPO financing round are technology heavyweights such as Google and Tencent, Singaporean state investor Temasek, Malaysian sovereign wealth fund Permodalan Nasional Berhad and a wholly owned subsidiary of the Abu Dhabi Investment Authority.
GoTo currently has over 2.5 million registered rider partners, 14 million registered merchants and 55 million users with annual transactions (as of late September 2021). The merger helps Gojek and Tokopedia take on larger regional rivals like Singapore-based Grab and Internet company Sea, which operates e-commerce platform Shopee and runs a digital payments and financial services business. GoTo Group’s business now includes ridesharing, financial services and e-commerce.
Andre Soelistyo, CEO of GoTo Group, said in a statement: “Indonesia and Southeast Asia are among the most exciting emerging markets in the world and the support we have secured demonstrates investor confidence in the region’s fast-growing digital economy and in our market-leading position.”
Founded in 2010 by Kevin Aluwi, Michaelangelo Moran, and Nadiem Makarim, Gojek is an app for meal ordering, commuting, digital payments, shopping, hyperlocal delivery, massage, and two dozen services. It’s Indonesia’s first and fastest growing decacorn, building an on-demand empire across Southeast Asia. Launched in Indonesia in 2015, the Gojek app is now the largest GTV-based consumer transaction technology group in Southeast Asia.