Indonesia’s most valuable tech startup GoTo has received sufficient orders for its highly anticipated IPO; to raise at least $1.1 billion

GoTo Group, a unicorn tech startup formed last year as a result of a merger between Indonesia’s internet startups Gojek and Tokopedia, has received sufficient investor orders for its highly anticipated initial public offering (IPO), according to an exclusive report from Reuters, citing two sources familiar with the matters.

The unicorn startup could raise at least $1.1 billion within its targeted price band. GoTo had said in the past that it was set to be valued at $26.2 billion to $28.8 billion, a valuation that would make it Indonesia’s most valuable tech startup and the fourth-biggest listed firm. The IPO is expected to be priced in early April and will then be open to retail investors.

Just last week, GoTo said it aimed to raise at least $1.1 billion (15.2 trillion rupiah) by offering 48 billion new Series A shares in a price range of 316 rupiah to 346 rupiah per share. The shares on offer represent up to 4.35% of its enlarged capital.

We reported about GoTo Group back in November when the startup raised $1.3 billion in a pre-initial public offering (IPO) funding round led by Abu Dhabi Investment Authority. Backers in the pre-IPO funding round include tech heavyweights like Google and Tencent, Singapore state investor Temasek, Malaysian sovereign wealth fund Permodalan Nasional Berhad as well as a wholly-owned subsidiary of Abu Dhabi Investment Authority.

GoTo currently has over 2.5 million registered driver-partners, 14 million registered merchants, and 55 million annual transacting users as of the end of September 2021. The merger helps Gojek and Tokopedia take on larger, regional rivals such as Singapore-headquartered Grab and internet company Sea, which operates the e-commerce platform Shopee and has a digital payments and financial services business. GoTo Group’s business now spans ride-hailing, financial services, and e-commerce.

In a statement, GoTo Group CEO Andre Soelistyo said, “Indonesia and Southeast Asia are some of the most exciting growth markets in the world, and the backing we’ve secured shows the confidence that investors have in the region’s rapidly expanding digital economy and our market-leading position.”

Founded in 2010 by Kevin Aluwi, Michaelangelo Moran, and Nadiem Makarim, Gojek is an app for ordering food, commuting, digital payments, shopping, hyper-local delivery, getting a massage, and two dozen services. It is Indonesia’s first and fastest-growing decacorn building an on-demand empire across Southeast Asia. The Gojek app was launched in 2015 in Indonesia and is now the largest consumer transactional technology group on a GTV-basis in Southeast Asia.