Indonesia-based GoTo Group, the largest technology group in Southeast Asia, announced that it has secured over US$1.3 billion in its pre-IPO funding round. The Group is preparing for its dual listing.
Formed in May this year after merging 2 Indonesia unicorns, ride-hailing giant Gojek and ecommerce company Tokopedia, GoTo Group's services expand to ecommerce, fintech, ride-hailing and other on-demand services.
EY's Global IPO trends report shows that on a long-term average, over 90% of issuers list on their domestic stock exchanges, including GoTo Group. CEO Andre Soelistyo told CNBC that the Group's priority is listing on Indonesia Stock Exchange and this "listing" notion is the right strategy.
In other words, GoTo Group's business model is intimately linked to the economy, culture, infrastructure, technology base, and taxes as well as the relevant capital market regulations of its home country.
In the CNBC interview, Soelistyo added, however, the dual listing is always part of the vision. The Group is still working on the details. He also dropped a hint that the US is a unique market with its abundant liquidity and global investors.
Supported by its investors, GoTo Group is preparing a dual-listed company, probably through a special purpose acquisition company (SPAC) early next year, according to an article from Verdict.
Abu Dhabi Wealth Fund led the Group's pre-IPO funding, more particularly, with a total of US$400 million on October 20th.
In a statement, the executive director of the private equities department of the Middle Eastern sovereign wealth fund Hamad Shahwan Al Dhaheri claimed, the investment in GoTo is aligned with several its key investment themes, for example, the growth of the digital economy in the fast-growing markets of Southeast Asia.
The following is the list of GoTo investors, including Google, Alibaba Group, Astra International, Global Digital Niaga, PayPal, SoftBank Vision Fund 1, Telkomsel, Temasek, Tencent, Warburg Pincus, Sequoia Capital India, Facebook, and KKR, according to Business Times.
