Indonesia's GoTo said to appoint banks for $1B local IPO

(ASEAN Startups) Indonesia-based largest tech firm GoTo Group, the merged entity of Gojek and Tokopedia , has hired banks to help it raise around $1 billion from an initial public offering (IPO) in Indonesia, Bloomberg reported, quoting people familiar with the matter.

Indonesia's GoTo said to appoint banks for $1B local IPO

The company, a merger of the country’s two most valuable Internet start-ups, has picked PT Mandiri Sekuritas and PT Indo Premier Sekuritas as underwriters for a local IPO that could happen as soon as next quarter, the people said. GoTo will be listed as PT GoTo Gojek Tokopedia, they reportedly said.

GoTo did not immediately comment on the matter.

Last month, GoTo Group said it has secured $1.3 billion from investors in the first close of an ongoing funding round ahead of an IPO.

Backers in the pre-IPO funding round include tech giants like Google and Tencent, Singapore state investor Temasek, Malaysian sovereign wealth fund Permodalan Nasional Bhd as well as a wholly-owned subsidiary of the Abu Dhabi Investment Authority.

Reuters reported that the company could launch a local IPO in the first half next year, followed by a listing in the US.

Indonesia has revamped share listing rules to attract tech giants, letting founders retain control after a listing by allowing shares with multiple voting rights, according to Bloomberg .

In August, e-commerce firm Bukalapak raised $1.5 billion in the country’s biggest-ever IPO.

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