Kevin Aluwi, co-founder and director of GoTo (left); William Tanuwijaya, co-founder and commissioner of GoTo (middle); GoTo CEO Andre Soelistyo announced the company’s initial public offering on the Indonesian Stock Exchange (IDX) on Tuesday. (GoTo/Public Relations)
Homegrown tech giant GoTo Group plans to raise 17.99 trillion rupees ($1.26 billion) through an initial public offering (IPO) on the Indonesian Stock Exchange (IDX), a move analysts say is essential for the company to achieve the to conquer the Indonesian market from competitors. GoTo released its prospectus Tuesday, showing that 10 percent of the IPO’s proceeds will go to its Singapore and Vietnam operations. The remainder goes to its business in Indonesia, with GoTo and e-commerce arm Tokopedia getting 30 percent each, e-wallet GoPay 25 percent, and multifinance arm PT Multifinance Anak Bangsa (MAB) 5 percent. “With our future business strategy, many investments need to be made in technologies and various resources,” GoTo CEO Andre Soelistyo said Tuesday.
https://www.thejakartapost.com/business/2022/03/15/goto-to-build-up-war-chest-with-ipo-amid-fiercer-competition.html
From the Jakarta Post
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