GoTo seeks Indonesia IPO valuing firm at up to US$28.8bil

President Director of the GoTo group Andre Soelistyo speaks to audience during the Initial Public Offering (IPO) and public expose event in Jakarta on March 15, 2022. - GoTo group / AFP

JAKARTA (Bloomberg): GoTo Group will push ahead with a stock-market debut in Indonesia valuing the ride-hailing, e-commerce and fintech company at as high as us$28.8 billion, defying the sharp market downturn that battered its two main peers Sea Ltd and Grab Holdings Ltd in recent months.

Jakarta-based GoTo, formed last year by the merger of Indonesia’s two most valuable internet startups, plans to raise about 18 trillion rupiah ($1.26 billion) in its initial public offering, according to a prospectus filing. It will sell as many as 52 billion new Series A shares at 316 to 346 rupiah each. That places its market valuation at $26.2 billion to $28.8 billion, it said in a statement.