GoTo IPO aims for 18t rupiah, but timing raises questions

CEO tells investor briefing its market penetration rates are still lower than other developing countries

Published Wed, Mar 16, 2022 · 05:50 AM

Startups

Jakarta

TIMING is a crucial factor in determining the success or failure of an initial public offering (IPO) and given current global sentiment towards tech companies, Indonesia's GoTo's decision to float is being questioned by market watchers.

The country's biggest tech firm announced its public offering yesterday, aiming to raise 17.992 trillion rupiah (S$1.69 billion). This would make it the second-largest domestic offering in the country.