Indonesia’s GoTo Group raised 15.8 trillion rupiah ($1.5 billion; US$1.1 billion) in one of the world’s largest initial public offerings this year.
The ride-hailing, e-commerce and fintech company priced its offering of 46.7 billion shares at 338 rupiah apiece, the company said in a statement on Thursday. The shares were marketed at 316 rupiah to 346 rupiah each. The pricing represents a projected market capitalization of about US$28 billion after the offering.
Former by the merger of Indonesia’s two most valuable startups last year, Gojek and Tokopedia, the Goto IPO will be a milestone for Southeast Asia’s biggest internet economy.
It represents the country’s largest digital ecosystem player, with ambitions to expand its regional presence in sectors such as digital banking and e-commerce.
The combined entity is proceeding with its IPO plans despite tumult in global markets, including sharp swings in tech stock valuations from the US to China and Southeast Asia.
The listing of shares on the Indonesia stock exchange’s main board, under the ticker GOTO, is set for April 11.
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The shares offered include newly issued and treasury shares for the purpose of over-allotment, according to the statement. PT Indo Premier Sekuritas, PT Mandiri Sekuritas, and PT Trimegah Sekuritas Indonesia Tbk are the lead banks on the IPO.
