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5 things you need to know about the US$1.1 billion IPO of GoTo, Indonesia’s largest tech firm

5 things you need to know about the US$1.1 billion IPO of GoTo, Indonesia’s largest tech firm

Wearing the black-and-green jacket of a Gojek driver, GoTo CEO Andre Soelistyo (second right) pressed the opening bell at the Jakarta stock exchange. (File photo: AFP/GoTo)

JAKARTA: Indonesia’s biggest tech firm GoTo debuted on the Indonesian Stock Exchange (IDX) on Monday (Apr 11).

Officially named PT GoTo Gojek Tokopedia Tbk, it is a merger between ride-hailing and payment app Gojek and homegrown e-commerce leader Tokopedia.

The decacorn, which is defined as having a valuation of more than US$10 billion, is backed by Alphabet's Google, Tencent, Temasek Holdings, the Abu Dhabi Investment Authority and others.

Here are five things you need to know about the massive initial public offering (IPO):


Trading under the stock code GoTo, it managed to raise US$1.1 billion and is the world’s fifth-largest IPO this year. It is also Asia's third-biggest IPO this year, according to the Refinitiv financial database.

GoTo is Indonesia’s third most valuable listed firm at US$33 billion, trailing behind lender Bank Central Asia and Bank Rakyat Indonesia. 

Around 300,000 investors have participated in the IPO, which is the highest ever number to take part in an IPO on the IDX. 

“Our listing on the Indonesian Stock Exchange will strengthen our ability to pursue our mission and better serve customers,” said GoTo’s CEO Andre Soelistyo. 


GoTo has introduced the Gotong Royong Share Programme, under which it allocated over US$20 million to riders and merchants. 

Riders who joined between 2010 and 2016 are eligible to earn 4,000 GoTo series A shares, while those who joined between January 2017 and February 2022 are entitled to earn 1,000 shares. The shares will be distributed in November this year. 

Mr Soelistyo said the company wants to show appreciation to its partners who have contributed to its success.

“It was, therefore, a priority for us to ensure they could benefit from our IPO via the Gotong Royong Share Programme which is one of the most inclusive shareholding programmes in the world today,” he said. 

Gotong royong in the Indonesian language means mutual assistance.


With a population of 270 million, startups in Indonesia are hoping they can be the next success story. 

The country’s digital economy is forecast to grow about five times to US$330 billion by 2030. 

Following GoTo’s local listing, analysts have reportedly said that some other local startups are considering a similar path. Mr Joel Shen, head of Asia technology at global law firm Withers, told Reuters that many Indonesian startups were watching the IPO closely and a wave of other Indonesian tech IPOs was expected.

“I hope that GoTo’s IPO will motivate our young generations to give new energy for Indonesia’s economic progress,” said President Joko Widodo in a video statement at the ceremony marking GoTo’s listing on IDX on Monday.


The IPO comes at a time when the world economy is being hit by the war in Ukraine. 

United States-listed competitors such as ride-hailing and food delivery firm Grab as well as technology company Sea are experiencing a decline in their share prices. 

GoTo is currently not profitable. “It is a challenging situation but it is important they do it,” said Mr Niko Margaronis, a research analyst with BRI Danareksa Sekuritas. 

He added that it is normal for a tech company to not turn in profits for a couple of years. He opined that GoTo has the right model to grow, having built an integrated digital ecosystem which would allow the company access to a lot of data.

Mdm Ivonne Kaharu, the spokesperson for Mirae Asset Sekuritas Indonesia believes that GoTo should not be compared with Grab and Sea.

“It’s a different market. One is listed locally and the others are in the US. Different markets react differently,” she said.


GoTo’s shares rose 23 per cent to 416 rupiah (US$0.0290) minutes after trading on Monday from its initial offering price of 338 rupiah. It closed the day at 382 rupiah. 

However, on the second day, the shares plunged 3.14 per cent. On Wednesday, they closed at 374 rupiah.

Local e-commerce rival Bukalapak, which debuted in the IDX last August, has experienced a similar situation. Its shares were first offered at 850 rupiah, higher than GoTo’s. But the price has since fallen to around 350 rupiah. 

Mdm Kaharu noted that it is too early to draw any conclusion about the GoTo IPO. “It (the dip in share price) is still normal,” she said. 

“The (trade) volume is also still good,” she added. 

Source: CNA/ks(aw)


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