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GoTo to raise $1.1 billion after pricing IPO at top end of price band -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A man passes the Indonesia Stock Exchange Building in Jakarta, Indonesia on September 6, 2018. REUTERS/Willy Kurniawan

SINGAPORE, (Reuters) –GoTo Group Indonesia, the largest tech company, announced Thursday that it will raise $1.1 Billion in an Initial Public Offering (IPO). After receiving regulatory approval, the price range for the offering is in the upper half of the indicative range.

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.

Andre Soelistyo (CEO of GoTo Group) stated in a statement that “We are happy with the investor reaction, which has continued resilient despite global macro- and market volatility.”

Reuters reports that GoTo has received sufficient investor orders last week for an IPO. It could generate at least $1.1 million within its target price band. [L2N2VS03I]

($1 = 14,340.0000 rupiah)

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