Internet Giant GoTo Raises $1.1 Billion in Jakarta IPO
- Merged Gojek and Tokopedia is among year’s biggest debuts
- Combined entity proceeding with IPO despite market tumult
Gojek drivers pick up a PT Tokopedia order in Jakarta.
Photographer: Dimas Ardian/BloombergThis article is for subscribers only.
GoTo Group, Indonesia’s largest tech company, raised 15.8 trillion rupiah ($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 Jakarta-based company said in a statement on Thursday. They include 40.6 billion primary shares -- valued at around $957 million -- downsized from the company’s original offer of 48 billion shares. The shares were marketed at 316 rupiah to 346 rupiah each. The pricing represents a projected market capitalization of about $28 billion after the offering.