New Straits Times
GO-JEK CONSIDERS INDONESIAN LISTING
IPO details some way off, say sources
INDONESIAN start-up GoJek is considering an initial public offering (IPO) in Indonesia, said president Andre Soelistyo yesterday, but the timing hasn’t been decided yet.
Soelistyo met with Indonesia Stock Exchange chief executive to discuss the potential share sale, including a regulatory requirement to be profitable within two years of listing.
“We discussed what technology companies need to do an IPO and how the exchange can provide access,” he said.
Soelistyo also raised the possibility of a dual-listing after Indonesia, but said a decision on where hasn’t been made.
Go-Jek is yet to appoint an underwriter for the plan, said Soelistyo, in a sign that details around IPO size, company valuation and how much of the company will be listed are some way off.
Go-Jek delivers everything from meals and groceries to cleaners and hairdressers across Indonesia’s capital city, here, all at the touch of a smartphone app — helping it become a crucial workaround in a city with some of the worst traffic in the world.
Bankers have listed Go-Jek’s potential IPO as a key float to track in Asia’s ride-hailing and mobile payments market, which has caught the attention of global investors.
Go-Jek raised a more than targeted US$1.5 billion (RM5.89 billion) in a fundraising round from several investors including Google, Temasek Holdings, Chinese technology giants Tencent Holdings and JD.com Inc, said sources.
The latest round of investments valued the Indonesian company at about US$5 billion, said sources.