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Indonesia’s GoTo will complete a $ 2 billion financing round, contemplating going public in 2022 – Sources

By Anshuman Daga and Fanny Potkin

SINGAPORE (Reuters) – Indonesia’s largest tech giant GoTo will complete a pre-IPO funding exercise in the next few weeks to raise up to $ 2 billion, but regulatory delays threaten to postpone its listing plans until early next year, according to three sources are known the thing said.

The delay comes because the Southeast Asian country’s Financial Services Authority (OJK) is weighing new guidelines for listing technology companies to offer stocks with two classes that confer different voting rights, two of the sources said.

All sources sought anonymity as they were not allowed to speak to the media.

A spokesman for GoTo declined to comment, while there was no immediate comment from regulator OJK.

GoTo, created through the merger of https://www.reuters.com/technology/indonesias-gojek-tokopedia-merge-countrys-biggest-deal-2021-05-17 Ride-hailing-to-Delivery-to-Payment- Gojek firm and e-commerce leader Tokopedia targeted a listing in Indonesia in May, followed by a US listing with a potential value of around $ 40 billion.

However, delays in a planned revision of Indonesia’s listing rules, which are now slated to be announced in late September, mean that GoTo will likely not start its IPO until early next year, followed by the US listing.

One of the sources said efforts to raise $ 1.5 billion to $ 2 billion in funds ahead of the IPO had generated strong demand and could be completed in the next month.

Backed by investors like Alibaba Group Holding, Softbank Vision Fund and Singapore Wealth Fund GIC, GoTo is among the companies that are benefiting from the increased use of digital platforms by consumers stuck at home due to pandemic lockdowns.

Increased investor interest helped e-commerce company Bukalapak.com raise $ 1.5 billion last month https://www.reuters.com/technology/bukalapak-raises-15-bln-indonesias-biggest-ipo -sources-2021-07 -21 at Indonesia’s largest IPO.

But since it was listed earlier this month, Bukalapak’s shares have lost about 30% from record highs, closing Thursday at just 5% above the rupiah 850 IPO.

($ 1 = 14.400.0000 rupiah)

(Reporting by Anshuman Daga and Fanny Potkin; Editing by Clarence Fernandez)

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