GoTo’s USD 1.1 billion IPO

Assegaf Hamzah & Partners acted as the Indonesian legal counsel to GoTo Group, the largest technology group in Indonesia, combining on-demand, e-commerce and financial services through the Gojek, Tokopedia and GoTo Financial brands, on its IPO on 11 April 2022.

GoTo offered 40.61 billion shares with an offering price of IDR 338/share. The total amount raised from the GoTo’s IPO process is approximately USD 1.1 billion (IDR 15.8 trillion), comprising USD 954.7 million (IDR13.7 trillion) in proceeds plus USD 146.3 million (IDR 2.1 trillion) from treasury shares for the purpose of over-allotment, representing a market capitalisation of approximately USD 28 billion (IDR 400.3 trillion).

The proceeds of the IPO will be used as working capital, infrastructure and resources development of the group company.

GoTo is the first platform in Southeast Asia to host these three essential services in one ecosystem, capturing a majority of the Indonesian consumer household’s expenditure. This IPO breaks ground in many ways, including being the first IPO that used the Multiple Voting Rights Shares scheme in Indonesia, the establishment of the most inclusive share ownership programs in the market, and yet another major tech listing in Southeast Asia.

Managing Partner Bono Daru Adji and Partner Intan Paramita led the transaction.