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GoTo Seeks Indonesia IPO Valuing Firm at Up to $28.8 Billion

  • Ride-hailing and e-commerce startup set to raise $1.26 billion
  • Company plans to have shares traded in Indonesia and U.S.
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GoTo Group will push ahead with a stock-market debut in Indonesia valuing the ride-hailing, e-commerce and fintech company at as high as $28.8 billion, defying the sharp market downturn that battered its two main peers Sea Ltd. and Grab Holdings Ltd. in recent months.

Jakarta-based GoTo, formed last year by the merger of Indonesia’s two most valuable internet startups, plans to raise about 18 trillion rupiah ($1.26 billion) in its initial public offering, according to a prospectus filing. It will sell as many as 52 billion new Series A shares at 316 to 346 rupiah each. That places its market valuation at $26.2 billion to $28.8 billion, it said in a statement.