Alibaba-backed GoTo raises $1.1 billion in mega IPO
(Image source: GoTo)

Asian Tech Press (Mar. 31) -- Indonesia's biggest tech group GoTo, backed by Chinese billionaire Jack Ma's Alibaba, raised 15.8 trillion rupiah ($1.1 billion)

Goto said Thursday in a statement that the $1.1 billion IPO would become the third largest IPO in Asia and fifth largest in the world this year.

It has received support from companies such as SoftBank Group Corp., Alibaba Group and Singapore sovereign wealth fund GIC Private Limited (GIC).

The tech company priced its offering of 46.7 billion Series A shares at 338 rupiah a share, in the top half of the planned range of 316 to 346 rupiah, valued it at about 400.3 trillion rupiah ($28 billion).

GoTo, formed through the merger of ride-hailing-to-delivery-to-payments firm Gojek and e-commerce leader Tokopedia in last May, plans to list its shares in Jakarta on April 11, 2022, with the stock code GOTO.

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