(Bloomberg) — GoTo Group, which was formed last year by the merger of Indonesia’s two most valuable internet startups, plans to raise 17.9 trillion rupiah ($1.25 billion) in an initial public offering, according to a prospectus filing.
The Jakarta-based company set a price range of 316 to 346 rupiah per share for the offering and plans to sell as many as 52 billion new Series A shares. The company raised more than $1.3 billion in a funding round last year ahead of the planned IPO from investors including Fidelity International and Google.
GoTo was formed by the combination of ride-hailing giant Gojek and e-commerce firm PT Tokopedia. It is proceeding with its IPO plans despite tumult in global markets, including a sharp decline in tech stocks from the U.S. to China to Southeast Asia.
Andre Soelistyo, GoTo’s chief executive officer, said last year that Indonesia and the rest of Southeast Asia offer some of the most promising growth markets in the world. The pre-IPO fundraising showed that global investors have confidence “in the region’s rapidly expanding digital economy and our market-leading position,” he added.
The company has said it plans to list shares in Indonesia and in the U.S. Among its competitors in Southeast Asia are Sea Ltd. and Grab Holdings Inc.
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