April 4

GoTo to Raise $1.1 Billion After Finalising IPO at Top End of Price Range

By Anshuman Daga

SINGAPORE (Reuters) -GoTo Group, Indonesia’s biggest tech firm, said it plans to raise $1.1 billion in an initial public offering (IPO), pricing the deal in the top half of its indicative range and making it one of Asia’s biggest IPOs so far this year.

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 earlier this month, braving turbulence in global equity markets.

“We are pleased with the investor response, which has remained resilient, despite global macro and market volatility,” Andre Soelistyo, GoTo Group’s CEO, said in a statement on Thursday.

GoTo’s offering attracted strong institutional demand in the book-building process despite a weak investor appetite for tech stocks that has battered shares of the company’s Southeast Asian peers, such as Sea Ltd and Grab Holdings.

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Source: U.S. News & World Report (link opens in a new window)