Connect with us

International Circuit

GoTo completes landmark listing on the Indonesia Stock Exchange

PT GoTo Gojek Tokopedia Tbk, the largest digital ecosystem in Indonesia, announced its listing on the Main Board of the Indonesia Stock Exchange (IDX), where its shares will trade under the stock code GOTO. The total amount raised from the Group’s Initial Public Offering (IPO) process is approximately USD1.1 billion (IDR15.8 trillion), comprising USD954.7 million (IDR13.7 trillion) in proceeds plus USD146.3 million (IDR2.1 trillion) from treasury shares for the purpose of over allotment, representing a market capitalisation of approximately USD28 billion (IDR400.3 trillion).

Based on the total funds raised, GoTo’s IPO is the third largest in Asia and fifth largest in the world this year*. Around 300,000 investors have participated – the highest ever number to take part in an IPO on the IDX.

As part of the drive to make this IPO one of the most inclusive, GoTo has introduced the Gotong Royong Share Program. The company has allocated over US$20 million* to driver-partners, as well as forming the GoTo Future Fund – an endowment fund that aims to support initiatives and solutions that benefit the lives of stakeholders across the GoTo ecosystem. Loyal merchants and consumer partners in Indonesia were able to benefit from the IPO, receiving priority access to order a fixed allocation of GoTo shares. Furthermore, as part of the program, all full time employees have been made participants in the Group’s Long-Term Incentive Plan.

Andre Soelistyo, GoTo Group CEO said, “Today we embark on a new journey as a public company. Our listing on the Indonesia Stock Exchange will strengthen our ability to pursue our mission and better serve customers. Despite global market volatility, investor interest has been strong, reflecting the rapidly growing demand in Southeast Asia for our on-demand, e-commerce and financial technology services, as well as confidence in GoTo’s position as the largest digital ecosystem in Indonesia.

“Ultimately, the people who deserve the most recognition for today’s milestone are the people who worked so hard to breathe life into our business. Our success can be wholly attributed to our driver-partners, merchants, consumers and employees, and it was therefore a priority for us to ensure they could benefit from our IPO via the Gotong Royong Share Program, one of the most inclusive share ownership programs in the world today. With all of these groups working together, we are truly unstoppable as we pursue our mission to empower progress for Indonesia and Southeast Asia.

“I would also like to express our gratitude to the Government of Indonesia, the OJK, and IDX for their support during the IPO process, and for their continued commitment to the growth of Indonesia’s digital economy. Together we can help to support Indonesia’s digital transformation by leveraging technology for the benefit of all.”

The listing ceremony and the handover of the listing certificate took place today at the Indonesia Stock Exchange, in Jakarta, and was attended by Coordinating Minister for Economic Affairs Airlangga Hartarto, Chairman of the Board of Commissioners of OJK Wimboh Santoso, and IDX’s President Director Inarno Djajadi.

CT Bureau

Click to comment

You must be logged in to post a comment Login

Leave a Reply

Copyright © 2022 Communications Today

error: Content is protected !!