GoTo Announces $1.26b IPO in Indonesia

[Indos]

A handout photograph shows models enacting package delivery. (Photo courtesy of GoTo)

​

GoTo Announces $1.26b IPO in Indonesia​

BY DION BISARA, LONA OLIVIA
MARCH 15, 2022

Jakarta. GoTo Gojek Tokopedia, an Indonesian technology company formed from the merger between ride-hailing giant Gojek Indonesia and e-commerce firm Tokopedia, announced its plan to raise up to $1.26 billion in one of the largest initial public offerings in the Indonesian stock market.

In a prospectus published on Tuesday, the company said that it would issue a maximum of 52 billion Series A shares, the equivalent of 4.35 percent of its enlarged capital at Rp 316-346 per share. The plan would net the company Rp 17.99 trillion ($1.26 billion).

GoTo will start the book building today until Mar 21. The company targeted targets to obtain an effective statement from the Financial Services Authority (OJK) on Mar 25. The public offering is scheduled for March 29-31 and shares listing on IDX on Apr 4.

GoTo will also conduct a serial rights issue for ten years after the effective date. GoTo will flush the market another 1.5 percent per year in each rights issue. GoTo will also sell ten percent of its enlarged capital on exchanges outside Indonesia. The management is still reluctant to mention which global stock market.

One of the Largest

Should GoTo meet its IPO target, it would be the second-largest initial offering in Indonesia's stock market in history, just below last year's Bukalapak IPO. The e-commerce company, founded by Achmad Zaky, Nugroho Herucahyono, and Fajrin Rasyid, raised Rp 21.9 trillion from the offering that saw an influx of domestic retail interest in the stock.

Still, Bukalapak's share price has dropped 73 percent since its listing date. GoTo seemed adamant to avoid a similar fate. So, it said that it had the lead underwriter in its offering, CGS-CIMB Sekuritas Indonesia, keeping 7.8 billion shares, which it will use to stabilize GoTo's stock price.

"The stabilization agent is trying to keep the share price from being lower than the offering price," wrote Goto's management.

"In connection with the initial public offering, the issuer together with the underwriters plan to stabilize prices by implementing more allotment options," GoTo management wrote in the prospectus.

GoTo also appointed Indo Premier Sekuritas, Mandiri Sekuritas,Trimegah Sekuritas, and Nilai Inti Sekuritas as underwriters. The later and CGS-CIMB Sekuritas also stand as the standby buyers in the offering.

Financial Performance

Like Bukalapak, GoTo went on IPO with its book still in the red. The company lost Rp 8.2 trillion in the first seven months last year, a smaller loss than Rp 11.3 trillion in the same period a year earlier, according to GoTo's financial data provided by Indo Premier. The same document also projected that the company would continue to make losses until at least 2024.

Still, the company showed strong growth in its operation. The document showed that the gross transaction value (GTV) was Rp 414 trillion in twelve months ending Sep 30, 2021. In comparison, the company saw Rp 330 trillion in GTV in 2020.

Between 2018 to 2020, GoTo revenue rose 56 percent on average every year. It reported a revenue of Rp 15.2 trillion in twelve months ending Sep 30, 2021.

In terms of cost, GoTo managed to improve efficiency and reduce promotion costs to 64 percent of gross revenue in the first seven months of 2021, from 67% percent in the same month a period earlier.

GoTo Announces $1.26b IPO in Indonesia

GoTo's plan to raise up to $1.26 billion could be the second-largest initial public offerings in the Indonesian stock market.

jakartaglobe.id

 

[Indos]

GoTo Secures OJK Approval for $1.1b IPO​

BY :MUHAMMAD GHAFUR FADILLAH
MARCH 31, 2022

Jakarta. The largest digital ecosystem company in Indonesia, GoTo Gojek Tokopedia, has secured a greenlight from the Financial Services Authority, or OJK, for its $1.1 billion share offering on the country's stock exchange tomorrow, the company said in a statement on Thursday.

GoTo will offer 46.7 billion Series A shares, including newly issued and treasury shares, at Rp 338 per share in an initial public offering (IPO) on April 1-7 on Indonesia Stock Exchange (IDX) after garnering ample interest from retail and institutional investors in the book-building process last-week.

At that price, the company would raise Rp 15.8 trillion ($1.1 billion) in fresh capital, making it the third-largest IPO in Asia and the fifth in the world so far this year. The offering price also reflected GoTo's valuation at Rp 400.3 trillion.

GoTo appointed Indo Premier Sekuritas, Mandiri Sekuritas, and Trimegah Sekuritas Indonesia as the implementing underwriters or joint lead underwriters for the IPO.

"We are grateful to see the positive response from investors, which has persisted amid macroeconomic and global market turmoil," Andre Soelistyo, GoTo's chief executive officer (CEO), said in the statement.

"Being able to enter the market under current conditions is a testament to the long-term potential of GoTo's business which will strengthen the balance sheet and create added value for shareholders. The Indonesian capital market, which has outperformed other markets worldwide, has the resilience and capacity to support a listing of this scale," Andre said.

He added, as a market leader in Indonesia, with an ecosystem that can serve two-thirds of household consumption, GoTo is proud to be able to fly the flag representing Indonesia's technology sector. "As we continue to drive our business growth in one of the most promising regions in the world," he said.

GoTo is an ecosystem that combines on-demand services, e-commerce, and financial technology through the Gojek, Tokopedia, and GoTo Financial platforms. The company catered to 55 million users in the 12 months ending Sep 30, 2021. The company processed more than 2 billion transactions with a gross transaction value (GTV) of Rp 414.2 trillion.

As the market leader in Indonesia across its three business lines, GoTo is in a solid position to continue its growth by leveraging the advantages of synergies in an integrated ecosystem. In the 12 months ending Sep 30, 2021, 55 million users transacted annually (annual transacting users / ATU) with an order value of up to 2 billion in the GoTo ecosystem and a gross transaction value (GTV) of up to IDR 414.2 trillion.

GoTo Secures OJK Approval for $1.1b IPO

GoTo's offering will be the third-largest IPO in Asia and the fifth in the world so far this year.

jakartaglobe.id

 

[Indos]

If GoTo still can get 1.1 billion USD IPO target, then it is already very good by seeing the situation of similar technology companies

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A $71 Billion Plunge Casts Doubt on Singapore’s New Economy Aura​

​

Ishika Mookerjee
Mon, April 4, 2022, 8:50 AM

(Bloomberg) -- Singapore’s two largest new-economy firms have been touted as the next big thing for years. A $71 billion rout in their share prices in 2022 seems to show investors aren’t buying the story.

Shares of ride-hailing company Grab Holdings Ltd. have more than halved since the start of the year while gaming and e-commerce giant Sea Ltd.’s stock price has tumbled by 46%. The two U.S.-listed firms are languishing at the bottom of the MSCI Asean Index, with Grab among the biggest losers on the Asia Pacific stock benchmark as well.


The slump comes months after MSCI Inc. added the shares to its indexes amid much fanfare as it sought to give its regional gauges more exposure to new economy stocks. The tech selloff and waning global interest in special purpose acquisition companies have taken a toll on the firms.

“Passive investors would have lost a fair bit of money on these stocks,” said Brian Freitas, an analyst who publishes research on independent research website Smartkarma. Future price action “depends on how the companies perform and the global macro environment -- neither of which look terribly encouraging at the moment.”

Grab was added to the MSCI Asean Index in February, hot on the heels of its merger with blank-check company Altimeter Growth Corp. Sea’s inclusion in the gauge began in May last year.

Freitas estimates that passive holdings of Sea and Grab are close to $2.8 billion and $280 million, respectively. The stocks have lost a combined $71 billion in market value this year.

Judging by the earnings outlook, there may be little respite in store. Sea, which counts Chinese social media leader Tencent Holdings Ltd. as its biggest shareholder, is betting on growth at its online retail unit Shopee as its gaming arm faces slower bookings. But, Sea shut its main e-commerce operation in India on March 29, soon after the country banned its marquee flagship game Free Fire along with dozens of apps it says are of Chinese origin, citing security concerns.

“Shopee’s growth trajectory is flattening rapidly alongside India and France exits,” said Oshadhi Kumarasiri, an equity analyst with LightStream Research. “For a company priced expensively based on its future growth, it’s difficult to brush off the impact of an exit from a huge market like India. The growth story of Sea is falling apart.”

Meanwhile, Grab’s losses are mounting and the firm continues to splurge on subsidies.

Still, analysts have been slow to cut target prices given the two companies’ status as market leaders in Southeast Asia. They expect a return of at least 68% on both stocks over the next 12 months, according to data compiled by Bloomberg.

Most Read from Bloomberg Businessweek

A $71 Billion Plunge Casts Doubt on Singapore’s New Economy Aura

(Bloomberg) -- Singapore’s two largest new-economy firms have been touted as the next big thing for years. A $71 billion rout in their share prices in 2022 seems to show investors aren’t buying the story.Most Read from BloombergA 30-Year-Old Crypto Billionaire Wants to Give His Fortune AwayChina...

finance.yahoo.com

 

[Indos]

Ride-Hailing In Southeast Asia Set For 3X Growth Post Pandemic, Grab Leads The Way​

by Asiatoday Editor

March 4, 2022

in Business

3 min read

ASIATODAY.ID, SINGAPORE – Ride-hailing apps have disrupted urban transportation in cities all around the world, with millions of commuters now relying on them to order rides to their chosen destinations whether it be for work or recreation.

According to Blackbox's newest study
on the sector, ride-hailing services—booking a taxi, car, or motorbike through an app—are not only here to stay but also grow in Southeast Asia (SEA).

The ride-hailing market in SEA, which
includes online transport and food delivery, amounted to nearly US$13 billion in 2021. This is expected to be more than triple by 2025, with forecasts projecting over US$42 billion across the region.

Covering Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam, the study found that ride-hailing services have become an essential part of everyday life in SEA. More than half of the respondents (53%) had used ride-hailing apps during the survey period, with Vietnam (69%) and Singapore (64%) recording the highest proportion of users, and Malaysia (41%) and Thailand (38 %) the lowest.

As COVID-19 restrictions are gradually relaxed, usage of ride-hailing apps look set to increase across all six markets surveyed.

Highest enthusiasm is recorded in Thailand, with 76% of respondents indicating a desire to boost their usage of such services. This makes Thailand, which recorded the lowest previous usage (38%), the ASEAN market with the highest pent-up demand and potential. In second spot is Vietnam (69%), which is already the market with the highest level of previous usage (69%).

Despite a similarly high level of previous usage (64%), Singapore has the lowest forecast of future growth at 37%. Singapore's move towards a car-lite society backed by greater societal support for eco-friendly shifts to help address climate change are believed to be some of the contributing factors for this trend.

Grab leads in Southeast Asia

The study found Grab to be the ride-hailing leader across all six markets, with 75% of users from the survey selecting Grab as their most often used app for ride-hailing. Gojek—Grab's only serious regional ride-hailing competitor—came in a distant second place at 13%.

Grab's lead is the strongest in Malaysia (94%) and the Philippines (91%). In three other markets, Grab has a lead of six-fold or more over the closest challenger. For example, in Vietnam, 73% of users picked Grab as their most often used ride-hailing app, compared to 10% who chose Gojek.

In Singapore, Grab led at 74%, with Comfort and Gojek coming in second and third at 12% and 11% respectively. In Thailand, the gap is larger, with Grab at 80% and LINE Taxi at 11%.

In Indonesia, Gojek has proved a more formidable competitor for Grab. With 43% of Indonesian users selecting Gojek as their most often used ride-hailing app, Gojek lags but is not far behind Grab's current lead (52%).

In terms of brand preference after the pandemic, Grab is the runaway leader in all Southeast Asian markets except Indonesia. Overall, 78% picked Grab as the most preferred app to use post-pandemic for four-wheel ride-hailing.

In second place is Gojek, well behind at just 9%, with other players holding negligible scores. Grab's leadership in brand preference was most significant in Malaysia (94%) and the Philippines (91%).

Only in Indonesia is there a contender of note against Grab (Gojek at 40% vs. Grab 54%). Gojek also has a minor foothold in Singapore (Gojek at 13%, Grab 72%).

Commenting on the survey findings, David Black, CEO of Blackbox Research, said: “The findings reveal both a rich and still growing appetite for ride-hailing services in Southeast Asia. The ongoing growth in demand will help propel the region forward once the pandemic starts to finally ebb. Grab remains the one to beat in this space for now and the foreseeable future. While Gojek has done well to hang onto the coattails of Grab in its Indonesian home ground, it is hard to see it mounting a serious challenge elsewhere in Southeast Asia in the near term.” (AT Network)

Ride-Hailing In Southeast Asia Set For 3X Growth Post Pandemic, Grab Leads The Way

ASIATODAY.ID, SINGAPORE – Ride-hailing apps have disrupted urban transportation in cities all around the world, with millions of commuters now

asiatoday.id

 

[Indos]

1.26 Billion USD initial public offering target will likely be achieved by seeing oversubscribe 15 times in Indonesia stock market.

 

[Indos]

So it means GoTo will likely become 28 Billion USD market capitalization company soon. Gojek and Tokopedia will make synergy and this will enhance our national companies competitiveness and strength against their Singapore based company rivals ( Grabs and Shopee (Sea)

1.26 Billion USD initial public offering target comes from about 5 % of their stocks.

The same like Elon Musk (from Paypal into Tesla and Space X), Gojek, based on recent plan, will go to manufacturing industry soon and enter EV industry with collaboration with another national company and also Taiwanese companies.

 

[Indos]

GoTo IPO Excess Demand 15.7 Times, Analyst: Investors More Interested in Future ​

Kompas.com - 09/04/2022, 13:12 WIB

JAKARTA, KOMPAS.com - The initial public offering (IPO) of PT GoTo Gojek Tokopedia Tbk experienced excess demand or oversubscribed up to 15.7 times. In fact, the number of initial shares to be released is only 3.43 percent of all existing shares.

Based on the records of Indo Premier Sekuritas, one of the underwriters for GoTo's IPO, the number of participating investors set a record of more than 299,000 single investor identification (SID), with most of them being retail investors.

As a comparison, during the IPO of PT Bukalapak.com Tbk (BUKA), the number of share subscriptions reached 100,000 SID, with an excess of 8.7 times. SID is a single identity number issued by the Indonesian Central Securities Depository (KSEI) to investors. An investor only has one SID number and indicates that the owner has been officially registered as an investor in the capital market.

"High market interest has made GoTo's stock orders oversubscribed by up to 15.7x. This is a historic moment, as well as a positive catalyst for the JCI movement which has scored all-time highs several times," said CEO of Indo Premier Sekuritas Moleonoto The in a written statement quoted on Saturday. (9/4/2022).

“This achievement shows the public's tremendous interest in GoTo's business model and future prospects. A new record has been set," he added.

The stock order data released by the underwriter could be an indication that the first trading day of GOTO shares on Monday (11/4/2022) will be lively because many investors have not yet received the IPO shares as targeted. According to the allotment rules, the fixed allocation is a maximum of 97.5 percent of the total IPO. That is, the portion in general pooling or at least 2.5 percent of the total IPO.

If oversubscribed, the number of shares obtained by each investor will be reduced from the number of orders. GoTo's very high oversubscribed can lure foreign investors to hunt for shares in this startup with the largest ecosystem in Indonesia. The reason is, GoTo and underwriters prioritize local investors in this IPO.

This situation makes the first trading day even more interesting to observe. Analyst Kanaka Hita Solvera (KHS) Andhika Cipta Labora added, excess demand indicates that investors are optimistic about GoTo's prospects in the future.

In fact, through the publication of the prospectus and public exposure, management has explained the company's performance which is still losing money. "This latest development shows very clearly that investors are more interested in the future of GoTo's business, rather than its past," he said.

He assessed that GoTo's shares in the future still have good prospects, because this company has a broad ecosystem formed from Gojek, GoPay, Tokopedia, GoTo Financial, and Bank Jago which already have a fairly well-established position in competition in their respective sectors.

On that basis, GoTo stock trading is expected to be attractive if it refers to the high demand during the public offering period. Another triggering factor is the existence of GoTo as a newcomer to the list of 10 issuers with the largest market capitalization.

"Of course, trading will be lively because GoTo itself will be included in the top 5 shares with the largest market cap on the IDX and the share nominal is affordable for retail investors," said Andhika.

For information, GoTo will release 46.7 billion Series A shares which are a combination of newly issued shares and treasury shares (for more allotment options). This makes GoTo's IPO the third largest IPO in Asia and the fifth in the world throughout 2022.

The company has set a final IPO price of IDR 338 per share, bringing the total fresh funds raised to IDR 15.8 trillion or equivalent to US$1.1 billion. Thus, GoTo's market capitalization value is estimated to reach Rp. 400.3 trillion or the equivalent of US$28 billion.

IPO GoTo Kelebihan Permintaan 15,7 Kali, Analis: Investor Lebih Tertarik dengan Masa Depan Halaman all - Kompas.com

Jumlah investor yang berpartisipasi dalam IPO GoTo mencetak rekor yakni lebih 299.000 SID, dengan sebagian besar adalah investor ritetl Halaman all

money.kompas.com

 

[Indos]

GoTo's Share Price Increases 18% to Rp 400 when it's on the IDX​

Achmad Dwi Afriyadi - detikFinance
Monday, 11 Apr 2022 09:04 WIB

Jakarta -PT GoTo Gojek Tokopedia Tbk is officially listed on the Indonesia Stock Exchange (IDX). GoTo shares are listed under the stock code GOTO.

GoTo's shares have been set at Rp 338 per share from the offered price between Rp 316-Rp 346 per share.

GoTo released 46.7 billion new Series A shares. With this amount, the amount of fresh funds that GoTo will pocket will reach Rp 15.8 trillion (US$ 1.1 billion).

This is the third largest initial public offering (IPO) in Asia and the fifth in the world so far this 2022. The market capitalization is estimated at Rp 400.3 trillion (US$ 28 billion).

At the initial share listing, GoTo's share price rose 18 percent to the level of Rp 400.

GoTo Group CEO Andre Soelistyo said he was happy and proud for having GoTo on the IDX.

"This morning I represent colleagues at GoTo happy and very proud because soon our company will become a public company," he said.

(acd/ara)

Harga Saham GoTo Naik 18% Tembus Rp 400 Saat Melantai di BEI

Pada pencatatan saham perdana, harga saham GoTo menguat 18% menembus level Rp 400.

finance.detik.com

 

[Indos]

 

[Indos]

New GOTO IPO Continue to Increase Capital, Preparation for Dual Listing?​

MARKET - Putra, CNBC Indonesia
23 May 2022 08:15
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Photo: Doc GoTo

Jakarta, CNBC Indonesia - PT GoTo Gojek Tokopedia Tbk (GOTO) in an information disclosure released on Friday (20/5/2022) conveyed its plan to carry out an action in the form of Capital Increase Without Pre-emptive Rights (PMTHMETD) or known as private placements .


The plan is a follow-up corporate action after the initial public offering (IPO) last April.

In its official document, the company intends to issue a maximum of 118,436,392,950 Series A shares or a maximum of 10% of the total issued and paid-up capital of the Company.

As for the exercise price of new shares in this corporate action, it is set at least 90% of the average closing price of the Company's shares for a period of 25 consecutive Exchange days on the regular market prior to the date of application for listing new shares.

Read:​ Check the Most Cuan & Bonus Stocks a Week

Later, the funds obtained from this corporate action will be used to strengthen the company's capital position, especially for working capital for PT Tokopedia, PT Dompet Anak Bangsa and/or PT Multifinance Anak Bangsa.

The impact of this corporate action will make the percentage of share ownership of the current shareholders decrease (dilution) by 9.09%. However, the implementation of the PP will not result in a ratio of voting rights for Series B shares to Series A shares.

The implementation of PP will depend on and be subject to and will be carried out if approval has been obtained from the Annual General Meeting of Shareholders (AGM). Meanwhile, GOTO intends to hold an AGMS on June 28, 2022.

The existence of PP's actions in addition to having a dilution impact on the old shareholders will also result in an increase in the company's cash and equity. In the previous disclosure of information in response to GOTO's entry into IDX monitoring (UMA), the company plans to release audited Financial Statements for the 2021 Fiscal Year, the 1st Quarter Financial Statements of 2022, and the Annual Report for the 2021 Fiscal Year at the end of May 2022.

In fact, since the beginning , GOTO has indeed signaled an initial public offering (IPO) not the first and last corporate action. The difference is that the series of corporate actions that were disclosed at the beginning of the IPO were not PPs, but additional capital with pre-emptive rights (PMHMETD) or rights issue.

Interestingly, the rights issue is a door for GOTO to list its shares on foreign exchanges. In other words, GOTO plans to do a dual listing through a series of IPOs followed by additional capital, either a rights issue or a private placement.

It is hoped that such an international offering will help GOTO to access a wider investor base. GOTO plans to make an international offer by the end of 2023, however the realization of the international bidding period will depend on market conditions, readiness, and other factors that may affect the success of this International Offering.

Referring to the company's prospectus, GOTO plans to be listed on the New York Stock Exchange (NYSE), National Association of Securities Dealers Automated Quotations (NASDAQ), Hong Kong Stock Exchange (HKSE), Singapore Stock Exchange (SGX) or London Stock Exchange (LSE). .

For information, GOTO carried out an IPO and officially took the floor on the domestic stock exchange on April 11, 2022 by releasing 40,615,056,000 series A shares at a price of Rp. 338/unit.

GOTO managed to get funding worth Rp 13.73 trillion through an IPO. GOTO's market capitalization value at the IPO price was equivalent to Rp. 400.32 trillion and became the first-floor company with the largest market cap in the country at that time.

However, GOTO's stock price tends to continue to fall. Even the price stabilization mechanism that was prepared was also unable to keep GOTO's share price above or at least at the IPO price.

At the beginning of the week of May, GOTO's stock price continued to experience a sharp decline. The price even reached the lowest level of Rp. 194/unit after being hit by auto rejects (ARB) for a week.

However, after that, GOTO's stock price rebounded sharply. The share price of technology startups with decacorn status (valuation of US$ 10 billion) closed at Rp 304/unit on Friday (20/5/2022).

GOTO's market capitalization value reached IDR 360.05 trillion, equivalent to IDR 40.3 trillion lower than the IPO or a 10% decrease from the initial public offering price.

GOTO Baru IPO Lanjut Tambah Modal, Persiapan Dual Listing?

GOTO yang baru saja IPO lanjut ingin melakukan aksi korporasi Private Placement, ada apa?

www.cnbcindonesia.com