The numbers behind GoTo Group’s much-anticipated IPO

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Hello readers,

When was the last time you were really looking forward to something? Was it a fancy meal? A new gadget? A holiday?

Next question: Did it live up to the hype?

That’s probably the top question on analysts’ and investors’ minds after GoTo Group released its long-awaited IPO prospectus last week. If you’re not sure what to think, you’re in luck: Our premium article today takes a close look at what the numbers could mean and how GoTo is stacking up against its regional rivals.

Today we look at,

• What to make of GoTo Group’s IPO prospectus numbers
• How creating links can lead to US$110 million in funding and a seat in the unicorn club
• Other newsy highlights such as the latest in UangTeman’s troubles and Razer’s good-but-also-bad announcement

Premium summary

The numbers, Mason – what do they mean?

Image credit: Timmy Loen

In the tech and startup world where everything moves so fast, GoTo Group’s IPO has felt like it’s been a long time coming – even though it really hasn’t been that long since things started to get serious, and IPOs obviously take time to develop.

Regardless – its prospectus is finally out. Let’s dive into the numbers, shall we?

• Headline numbers: The company is set to raise almost 18 trillion rupiah (over US$1.3 billion), with an implied valuation range of US$26.4 billion to US$28.9 billion.

• Keeping up (down?) with the Joneses: GoTo’s numbers are inevitably compared with peers like Bukalapak and Grab. After high-profile IPOs in 2021, both companies have since struggled in the public market – Bukalapak’s share price has decreased almost 70% from its IPO, while Grab’s market capitalization has also seen a dramatic drop.

• We need to go deeper: Retail investors’ lack of understanding of the future value of tech companies – especially ones that are currently loss-making – might give GoTo troubles similar to Bukalapak.

Link me up with a unicorn