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.