GoTo's unveiling of IPO to raise 18 trillion rupiah at this time raises questions

[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.

"GoTo is still in early adoption, with market penetration rates relatively lower than other developing countries," Andre Soelistyo, the company's CEO told an investor briefing.