JAKARTA: GoTo Group, an Indonesian startup giant, raised about US$1.1bil (RM4.63bil) in one of the world’s largest initial public offerings (IPOs) announced since the Russian invasion of Ukraine, pricing the deal near the middle of the range.
The Jakarta-based company, formed by the merger of Indonesia’s two most valuable startups: ride-hailing giant Gojek and eCommerce firm Tokopedia, priced the IPO at 338 rupiah (9.9 sen) a share, according to sources.
That’s just above the middle of the 316 rupiah (9.3 sen) to 346 rupiah (10 sen) range announced earlier.
“We are humbled by the response from high quality institutional investors to date,” said corporate secretary Koesoemohadiani. GoTo’s listing bucks a global trend of companies scrapping or delaying IPOs due to the ensuing market volatility in the wake of the Ukraine war. It is the second-largest deal announced this month, surpassed only by Dubai Electricity & Water Authority’s US$2.2bil (RM9.3bil) offering. — Bloomberg
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