GoTo Group is moving ahead with its much-anticipated initial public offering that could see it raise roughly $1.25 billion
... [+]is moving ahead with its much-anticipated initial public offering that could see it raise roughly 18 trillion rupiah , according to a prospectus filing released on Tuesday.
The company, which was formed last year through a merger of Indonesian unicorns Gojek and Tokopedia, aims to sell as many as 52 billion new Series A shares for 316 to 346 rupiah per share. The share sale would give the company a valuation of up to $28.8 billion. “Our growth will be bigger and faster, especially as Indonesia will have a high economic growth and our verticals can still have a broader reach,” Andre Soelistyo, GoTo Group CEO said in a statement.
GoTo’s listing comes at a time when global markets have tumbled and other IPOs have been postponed due the volatility sparked by geopolitical events. The Jakarta Composite Index has risen 2.4% following Russia’s invasion of Ukraine last month, while the wider MSCI Asia Pacific Index is down 10.2% in the same period. The ongoing conflict in Europe and China’s new wave of Covid cases have sent stocks tumbling in recent days., which raised $1.
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