Goto Stock Application

Goto Stock Application – Indonesia’s largest startup, super app GoTo, is set to raise $1.3 billion in an estimated $29 billion initial public offering (IPO) in April.

“This is a historic moment in our company’s history as we initiate the final public offering to become a listed company on the Indonesian Stock Exchange. “It’s one of the biggest and most exciting growth markets,” said GoTo Group CEO Andre Soheristillo in a press release on Tuesday. (March 15).

Goto Stock Application

Goto Stock Application

He added that the company hopes the IPO will showcase to the world the “huge opportunities” offered by Indonesia and the Southeast Asian region as a whole.

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Founded in May 2021 after the merger of super app Gojek and e-commerce firm Tokopedia in his $18 billion merger, GoTo combines the two platforms with its own financial platform to focus on transportation, delivery, e-commerce and We provide services.

The company first announced plans to go public in November 2021 after raising $1.3 billion in funding backed by the Abu Dhabi Investment Authority, Google, Tencent, Temasek and others.

“The strength of our business is greater than the sum of its parts. Our ecosystem of on-demand services, e-commerce and financial technology serves millions of consumers, driver partners and merchants. It aims to connect and enhance the development of services.”The entire digital economy is growing rapidly,” Soeristillo said.

As part of the IPO, GoTo will launch the Gotong Royong Dividend Scheme to give drivers, traders, customers and long-term employees “an opportunity to benefit from the IPO.”

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The Group’s long-term incentive plan allows full-time drivers to be subsidized and long-term traders and clients to buy shares through fixed quotas in his IPO. Wearing the black and green jacket of a Gojek driver, GoTo CEO Andre Soeristiyo (second from right) rang the opening bell of the Jakarta Stock Exchange. (File photo: AFP/GoTo)

The full name is PT GoTo Gojek Tokopedia Tbk, a combination of his Gojek, a ride-hailing and delivery app, and his Tokopedia, a leader in e-commerce.

Decacon is valued at more than $10 billion and is backed by Alphabet’s Google, Tencent, Temasek Holdings and Abu Dhabi Investment Authority.

Goto Stock Application

Traded under the brand name GoTo, it successfully raised US$1.1 billion, making it the fifth largest IPO in the world this year. It is also the third largest IPO in Asia this year, according to Refinitiv financial data.

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GoTo is the third most valuable company in Indonesia, after lenders Bank Central Asia and Bank Rakyat Indonesia, with a value of US$33 billion.

Approximately 300,000 investors participated in his IPO, which is the largest number of participants ever for his IDX IPO.

“Our listing on the Indonesian Stock Exchange continues our mission and strengthens our ability to better serve our customers,” said GoTo CEO Andre Soeristillo.

GoTo introduced the Gotong Royong Share program and distributed over US$20 million to passengers and traders.

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Drivers who joined between 2010 and 2016 are eligible to receive 4,000 shares of Series A GoTo stock, and drivers who joined between January 2017 and February 2022 are eligible to receive his 1,000 shares. there is. The shares will be distributed in November this year.

Mr. Soelistillo said he would like to express his gratitude for the cooperation that has contributed to the company’s success.

“Therefore, it was our priority to enable them to benefit from the IPO through the Gotong Royong Equity Program, which is one of the most comprehensive equity programs in the world today,” he said. .

Goto Stock Application

A startup in Indonesia, a country of 270 million people, hopes to be the next success story.

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Following GoTo’s local listing, analysts reportedly said that many other local companies are considering a similar route. Joel Shen, head of technology Asia at international law firm Wizards, told Reuters that many Indonesian startups are closely monitoring this IPO and a new wave of IPOs is expected. .

“We hope that GoTo’s IPO will inspire our new generation and give new energy to Indonesia’s economic development,” President Joko Widodo said in a video speech at the GoTo IDX listing ceremony on Monday. Ta.

The IPO comes at a time when the global economy is being affected by the war in Ukraine.

Shares of U.S. rivals such as food truck and delivery company Grab Inc. and technology firm Cee Inc. have fallen.

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GoTo is no longer useful. “It’s a difficult situation, but it’s important to do it,” he said. Nikos Margaronis, Research Analyst at BRI Danalexa Securitas.

He added that it’s normal for tech companies to go unprofitable for years. He believed GoTo had a good model for growth, building an integrated digital system with access to more data.

Yvonne Kahal, head of Mirai Asset Securitas Indonesia, believes that GoTo cannot be compared with Grab and Sea.

Goto Stock Application

“It’s a different market. One is registered locally and one is registered in the United States. Different markets have different reactions,” he said.

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GoTo shares rose 23% to 416 rupees ($0.0290) in after-hours trading on Monday from an opening price of 338 rupees. It was 382 rupees.

However, it fell by 3.14% on the second day. It closed at 374 rupees on Wednesday.

Local e-commerce competitor Bukalapak, who appeared at IDX last August, faced a similar situation. The company’s shares were initially offered at 850 rupees, higher than GoTo’s. However, the price has since dropped to about 350 yen.

Mrs Kahal said it was too early to draw any conclusions about the GoTo IPO. “The same thing (falling stock prices) is still normal,” he said.

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We know it can be difficult to switch browsers, but we want to make your CNA experience as fast, secure, and best as possible. Indonesian technology company GoTo Group, formed last year through the merger of giant Gojek and marketplace Tokopedia, has raised at least $1.1 billion (Rp15.2 trillion) in its Indonesian initial public offering (IPO) scheduled for April 4. ) is planned to be procured.

GoTo announced that it plans to sell up to 52 billion new Series A shares at prices ranging from 316 to 346 rupees per share, raising a maximum series amount of $28.8 billion.

The move comes amid a crisis caused by increased volatility in imports and financial market turmoil caused by Russia’s invasion of Ukraine.

Goto Stock Application

“Indonesia is one of the largest and most interesting growth markets in the world, as demonstrated by the resilience of our capital markets this year amid changes in international markets,” said GoTo CEO Andre Soelistio. ‘ said. talk. “Our list will be a good opportunity for everyone involved in the success of the ecosystem and for everyone who believes in the Indonesian dream.”

Goto Logo Company Gojek Tokopedia Merger Stock Photo 1974761279

The company raised more than $1.3 billion in a pre-IPO last year from investors including Abu Dhabi Investment Authority (ADIA), Google, SoftBank Group, Temasek, Tencent and Fidelity International.

In November, the company announced plans to import twice, in Jakarta and New York. When asked about its U.S. IPO plans, GoTo did not immediately respond.

GoTo, which has three businesses in one ecosystem (horse racing, e-commerce, and financial services), plans to use the proceeds from the IPO to support its growth strategy.

“The strength of our business is that we are greater than the sum of our parts. Our ecosystem of on-demand services, e-commerce, and financial technology connects millions of consumers, driver-partners, and merchants. “The whole digital economy is growing rapidly,” Soelistillo said.

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The company said Indonesia’s integrated e-commerce (TAM) is expected to grow from $44.6 billion in 2020 to $137.5 billion in 2025, and the country’s financial technology TAM is expected to grow to $70.1 billion in 2025. said there is. $17.8.

GoTo recorded $28.8 billion in gross transaction value (GTV) and $1 billion in gross revenue in the 12 months ending September.

As of September 2021, GoTo has more than 2.5 million drivers and 14 million merchants registered, but Indonesian super app GoTo’s stock has declined on Monday due to decline in the sector. It is scheduled to debut on the market. Investor demand is declining due to technology in Southeast Asia.

Goto Stock Application

The company was established in May last year through the merger of food transportation and delivery company Gojek and local e-commerce giant Tokopedia, making it the largest merger in Indonesian corporate history. The initial public offering price has been set at Rp 338 per share, corresponding to a market estimate of approximately Rp 400 trillion (US$ 27.8 billion).

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The announcement comes amid a decline in Bukalapak’s share price since it was first listed on Indonesia’s Unicorn Stock Market (a private company) in August last year, at a valuation of more than $1 billion. As of Friday’s close on the Indonesia Stock Exchange, the e-commerce giant’s shares were trading 59% below its public price.

Other Southeast Asian tech companies have also struggled in the public markets.

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