Indonesia's GoTo, country's biggest tech firm, IPO books are covered; to raise at least US$1.1 billion, say sources

SINGAPORE, March 29 (Reuters): GoTo Group, Indonesia's biggest tech firm, has received sufficient investor orders for its initial public offering that could raise at least $1.1 billion within its targeted price band, two sources familiar with the situation have said.

The sources, who declined to be identified as they were not authorised to speak to the media, said the offering got support from long-term investors, such as the Indonesian units of fund managers Schroders and Eastspring Investments. GoTo, formed last year by the merger of ride-hailing-to-payments firm Gojek and e-commerce leader Tokopedia, surprised some investors and analysts when it launched its IPO process last week, braving turbulence in global equities markets.