GoTo eyes private placement of 120.1 billion shares

Indonesia’s GoTo plans to issue a maximum of 120.14 billion series A shares, or 10 per cent of its total issued and paid-up capital, via a private placement.

According to a disclosure on the Indonesian Stock Exchange (IDX), the tech firm will use any proceeds raised for working capital and debt repayment in the future, if any.

Of the total proceeds, 35 per cent will go towards GoTo itself. Meanwhile, 20 per cent will be allocated to GoPay, 25 per cent for fintech unit Multifinance Anak Bangsa, and 20 per cent for payment service provider GoTo Solusi Niaga (formerly Multi Adiprakarsa Manunggal) and GoTo’s groceries business.

Aside from this, GoTo previously said it is eyeing up to US$200 million buyback – its first after its e-commerce deal with TikTok Shop.

“The estimated number of shares to be bought back by the company will not exceed 10 per cent shares included in the current treasury shares,” noted GoTo in its filing.

The company had shown an 89 per cent year-on-year improvement in adjusted Ebitda for the first quarter of 2024. It has said it remains on track to meet its target “to maintain adjusted Ebitda profitability for the full year of 2024”. TECH IN ASIA