Jakarta, Gizmologi – PT GoTo Gojek Tokopedia officially announced its plan to carry out an initial public offering (IPO) on Indonesia Stock Exchange (IDX).
The IPO is expected to raise proceeds of at least IDR 15.2 trillion (USD1.1 billion) and will be one of the most significant ever conducted in the country.
It is planned that all proceeds from the IPO will be used to strengthen working capital and increase investment in subsidiary companies.
This certainty was explained by GoTo in a virtual public expose. The technology giant said it would use working capital from the initial public offering to support the company’s future development.
“The Issuer and Subsidiaries will use the working capital to support the Company’s development strategy through various initiatives, including but not limited to customer acquisition; sales and marketing; product development such as feature additions, technology updates, and new product/technology innovations; and operating expenses,” said the CEO GoTo Andre Soelistyo Group, Tuesday (15/3/2022).
In detail, GoTo will allocate 30% of the IPO proceeds by the company. Where 25% of the funds will be allocated to PT Dompet Anak Bangsa (GoPay). Around 5% of the funds will be allocated to PT Multifinance Anak Bangsa (part of GoToFinance).
GoTo also plans to allocate around 5% of the proceeds from the IPO for VDIGI SG Ltd. (Gojek Singapore) and around 5% for Go Viet Ltd. (Vietnamese Gojek).
“The issuer will increase its investment in Tokopedia, PT DAB, PT MAB, VDIGI SG Ltd., and Go Viet Ltd. step by step. Every equity investment in Tokopedia, PT DAB, PT MAB (formerly PT Rama Multi Finance), VDIGI SG Ltd. and Go Viet Ltd. is an affiliated transaction with an affiliated party as regulated in POJK No. 42/2020,” he explained.
Andre said that the company’s business strength is that GoTo is more than just a group of companies. The company’s on-demand, e-commerce, and financial technology service ecosystem connect millions of consumers, driver-partners, and merchants, with the mission of driving progress for everyone in the midst of the fast-growing digital economy.
“We are proud that from our humble beginnings, we have earned the trust of millions of consumers, driver-partners, and traders, and are supported by various leading global investors and are currently taking the next step to becoming a publicly listed company in Indonesia,” he explained.
GoTo Contributes to the Indonesian Economy
President Commissioner of PT GoTo Gojek Tokopedia Tbk Garibaldi Thohir claimed that the company resulting from the merger of Gojek and Tokopedia contributed two percent to the country’s economy. The services available in the GoTo ecosystem have provided benefits for Gojek, Tokopedia, and Gopay service users as well as millions of driver-partners and MSME actors.
“Alhamdulillah, GoTo has such a big impact that we are able to contribute almost two percent to the Indonesian economy,” he said in the public expose.
Garibaldi said that this contribution to the Indonesian economy was due to the hard work of Gojek and Tokopedia, which were founded 11-12 years ago. GoTo’s belief in being able to facilitate people’s lives through technology will provide opportunities for everyone to improve their quality of life.
“We hope that the GoTo IPO will be a proud moment and signify a new achievement for the listing of shares in the domestic technology sector, as well as reflecting optimism for the recovery and strengthening of the Indonesian economy,” he concluded.
As is known, GoTo is a unique ecosystem that combines on-demand services, e-commerce, and financial technology through Gojek, Tokopedia, and GoTo Financial platforms. Based on Euromonitor 2020 data, the existence and reach of the GoTo ecosystem are able to contribute more than 2 percent of Indonesia’s GDP and serve almost two-thirds of household consumption in Indonesia.
GoTo IPO Key Takeaways
b. e-commerce (marketplace, Official store, Tokped Now, Mitra Tokped, Tokped Play,
c. fintech with goto financial (payments, financial services, merchant solutions).
The Indonesian version of this article can be read in Gizmologi.ID