GoTo to go public by end-2021; Tokopedia to stay in Indonesia for now

Sharanya Pillai

Published Wed, May 19, 2021 · 05:50 AM

Singapore

INDONESIA'S newly-formed GoTo Group is gunning for the public markets by end-2021, while also planning to double down on "hyperlocal" logistics throughout Indonesia, said its president Patrick Cao over a video call on Tuesday.

Mr Cao was speaking to The Business Times (BT) a day after Gojek and Tokopedia announced their long-awaited merger - a milestone towards both Indonesian companies' ambition to go public.

"On the back of the announcement yesterday, the flood of investor inquiries that we got is pretty cool. I think the momentum and the excitement is certainly there. I'm very optimistic," he said, when asked about investor sentiment.

GoTo may opt for a traditional initial public offering (IPO) or a merger with a SPAC (special purpose acquisition company), Mr Cao said. It is eyeing a …