GoTo Group set to raise $1.2b in local IPO at $29b valuation (Updated)

Update (Mar. 21, 3 p.m. SGT): This article was updated to include the postponement of the IPO date from April 4 to April 7. The company said that the decision was made to allow more merchants and consumers to take up the allocation of IPO shares.

GoTo Group, formed through the merger of Gojek and Tokopedia, is set to raise almost 18 trillion rupiah (over US$1.2 billion) in a local listing slated for April 7.

Photo credit: GoTo Group

The company has set a price range of 316 to 346 rupiah (around US$0.022 to US$0.024) per share. It aims to sell 52 billion new shares through the listing, which represents 4.35% of the firm’s total shares.

The total amount that GoTo is looking to raise is lower than the US$1.5 billion raised by Bukalapak in the latter’s August 2021 listing. At that time, the ecommerce firm sold more than 25.7 billion shares, which represented 25% of its enlarged share pool.

GoTo’s IPO may boost its valuation to 414 trillion rupiah (around US$28.8 billion). Bukalapak’s listing took its valuation to US$7.5 billion.

Before the IPO, GoTo raised US$1.3 billion from Abu Dhabi Investment Authority, Google, Temasek, and Fidelity International, among others.

See also: Bukalapak’s share price a warning to GoTo, Traveloka?

Currency converted from Indonesian rupiah to US dollar: US$1 = 14,332 rupiah.