GoTo Completes Landmark Listing on Indonesia Stock Exchange Apr 11, 2022
Jakarta, 11 April 2022 – PT GoTo Gojek Tokopedia Tbk (“GoTo Group'' or the “Company”), the largest digital ecosystem in Indonesia, today announced its listing on the Main Board of the Indonesia Stock Exchange (IDX). The Company raised approximately US$1.1 billion from its Initial Public Offering (IPO) process, with the participation of around 300,000 investors – the highest-ever number to take part in an IPO on the IDX. Based on the total funds raised, the IPO is the one of the largest in the world this year. The Company made a strong debut in the first day of trading.
GoTo Group provides on-demand services, e-commerce and financial technology through the Gojek, Tokopedia, and GoTo Financial platforms. The Company is the market leader in Indonesia in each of its business verticals. Through the strengthening of synergies and network effects from within its ecosystem, the Company is well-positioned for continued growth. Indonesia is Southeast Asia’s largest economy, with a GDP of more than US$1 trillion and a population of 274 million – the fourth largest in the world. Indonesia and Southeast Asia have a young and highly tech-savvy population with increasing spending power that is driving the growth of the region’s digital economy. Accelerating demand for services across GoTo Group’s ecosystem, fueled by increasing digital adoption among consumers in Southeast Asia, has underpinned the Company’s strong growth in recent years.
Warburg Pincus co-led the series D financing of Gojek in 2016 and participated in the series E financing of Gojek in 2017. In 2021, Gojek completed its transformative merger with Tokopedia, forming GoTo, the largest technology group in Indonesia.
Jeffrey Perlman, Managing Director and Head of Southeast Asia and Asia-Pacific Real Estate at Warburg Pincus, commented, “We are immensely proud of our partnership with GoTo; not only are we impressed by its strong business performance but also by the incredible social impact that the Company has delivered. With the acceleration of digitalization in Southeast Asia, we believe GoTo is well-positioned to further capture outsized growth opportunities. We look forward to strengthening our partnership during the Company’s next chapter of growth.”
GoTo Group is fully committed to creating sustainable social impact. As part of the drive to make this IPO one of the most inclusive, GoTo introduced the Gotong Royong Share Program, allocating over US$20 million* to its driver-partners, as well as forming the GoTo Future Fund - an endowment fund that aims to support initiatives and solutions that benefit the lives of stakeholders across the GoTo ecosystem. Loyal merchants and consumer partners in Indonesia were able to benefit from the IPO, receiving priority access to order a fixed allocation of GoTo shares. Furthermore, as part of the program, all full-time employees have been made participants in the Group's Long-Term Incentive Plan. It is also the first Southeast Asian internet company to issue an assured sustainability report in line with global reporting standards and it continues to put strategic emphasis on the integration of ESG best practices into its business.
Warburg Pincus is one of the most active private equity firms in Southeast Asia with over US$3 billion of capital committed in the region. Today’s landmark listing of GoTo Group continues the firm’s established track record of delivering some of the largest and transformative IPOs in Southeast Asia, including two of the three largest IPOs in Vietnam - Vincom Retail in 2017 and Techcombank in 2018; and the largest IPO in the Philippines - Converge in 2020. Warburg Pincus is a strong believer in the long-term growth trajectory of Southeast Asia and will continue to actively pursue new opportunities in leading ventures in the region.
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* Notes
Definition of pro-forma: The pro forma information of GTV, Orders, ATU and gross revenue provided is as if Tokopedia had been consolidated by GoTo since January 1, 2018.
Exchange rate: IDR14.350 = USD1
About GoTo Group
PT GoTo Gojek Tokopedia Tbk (GoTo Group) is the largest digital ecosystem in Indonesia. GoTo's mission is to "empower progress" by offering technology infrastructure and solutions that help everyone to access and thrive in the digital economy. The GoTo ecosystem consists of on-demand services (mobility, food delivery, and logistics), e-commerce (third party marketplaces + official stores, instant commerce, interactive commerce, and rural commerce), and financial technology (payments, financial services, and technology solutions for merchants) through the Gojek, Tokopedia, and GoTo Financial platforms.
About Warburg Pincus
Warburg Pincus LLC is a leading global growth investor. The firm has more than $80 billion in assets under management. The firm’s active portfolio of more than 245 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 21 private equity and 2 real estate funds, which have invested more than$100 billion in over 1,000 companies in more than 40 countries.
For more information, please visit www.warburgpincus.com. Follow us on LinkedIn.
Media Contact
GoTo Group
Finsbury Glover Hering
Ben Richardson, Partner
Malcolm Robertson, Managing Director
Warburg Pincus
Lisa Liang
+86 (10) 8529 2508
lisa.liang@warburgpincus.com