GoTo, Indonesia’s biggest start-up, plans to raise up to $1.3bn in an initial public offering, as it looks to shrug off a global decline in technology stocks and lure investors who want to cash in on the country’s booming digital economy.
The group, formed last year following an $18bn merger of superapp Gojek and ecommerce business Tokopedia, said on Tuesday it planned to list on the Indonesia Stock Exchange next month in a listing that would value the company at up to $29bn.
Investor interest in Indonesia’s tech businesses has surged on the back of the country’s fast-growing population of internet users. Groups including SoftBank, Facebook, Microsoft, Tencent, Alibaba, Google and private equity firms KKR and Warburg Pincus have all backed local start-ups.
Read more: FT
