Go-Jek Explores First IPO of a Billion-Dollar Indonesian Startup
PT Go-Jek Indonesia PT could become the country’s first-billion dollar startup to hold an initial public offering after the transport and technology company met with the nation’s equity market.
Executives led by Go-Jek President Andre Soelistyo met with officials from the Indonesia Stock Exchange in Jakarta on Monday to discuss an IPO, Tito Sulistio, the bourse’s president, told reporters. While the company is “very serious” about the IPO, there was no specific timeframe, Soelistyo said in a text message.
Go-Jek, with backers including Google and KKR & Co., has evolved from an app to book ride-sharing on motorbikes to a way to pay bills, order food, organize a makeover and buy movie tickets. The company recently raised funds from investors including Google, Temasek Holdings Pte and PT Astra International and was valued at $1.8 billion by CB Insights in 2016.
The company is keen on a Jakarta listing as it would allow Indonesians, including its drivers, an opportunity to own the shares, Soelistyo said.
Go-Jek may also be considering a dual listing to allow foreign investors buy into the company, the exchange’s Sulistio said. Go-Jek will be allowed to sell shares even if it’s unprofitable as long as the company is able to project future profits, he said.
Chief Executive Officer Nadiem Makarim told Bloomberg’s Year Ahead Asia Conference in December that the IPO is expected “hopefully within the next few years.”
Makarim’s goal is to let his customers pay for coffee, groceries, tickets and other things outside the realms of the startup’s services.
Source: Bloomberg | March 5, 2018