GIC-backed GoTo set to wrap up $2bn funding round, eyes IPO in 2022

Aug 19, 2021 | News

GoTo is set to complete a pre-IPO funding exercise to raise up to $2bn in the next few weeks, but regulatory delays threaten to push its listing plans to early next year.

The delay comes as the southeast Asian nation’s Financial Services Authority weighs new listing guidelines for tech firms to offer dual-class shares that confer different voting rights, said two of the sources.

All the sources sought anonymity as they were not authorised to speak to the media.

A spokeperson for GoTo declined comment while there was no immediate comment from the regulator.

GoTo, formed through the merger of here ride-hailing-to-delivery-to-payments firm Gojek and e-commerce leader Tokopedia in May, was targeting to list in Indonesia by year-end, followed by a U.S. listing, with a potential valuation of about $40bn.

 

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However, delays to a proposed revamp of Indonesia’s listing rules, now expected to be unveiled late in September, mean GoTo is only likely to launch its IPO early next year, followed by the U.S. listing.

One of the sources said the effort to raise funds of $1.5bn to $2bn ahead of the IPO exercise drew strong demand, and could be completed next month.

GoTo, backed by investors such as Alibaba Group Holding, Softbank Vision Fund and Singapore wealth fund GIC, is among the companies benefiting from greater use of digital platforms by consumers stuck at home by pandemic lockdowns.

Source: Reuters

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