Go-Jek Considering Initial Public Offering

Indonesian start up Go-Jek is considering an initial public offering in Indonesia, but details on timing and float size haven’t been decided yet.

Go-Jek president Andre Soelistyo met with Indonesia Stock Exchange’s chief executive on Monday, March 5, to discuss the potential IPO, including a regulatory requirement to be profitable within two years of listing.

“We discussed what technology companies need (to do an IPO) and how (the exchange) can provide access,” he said.

Soelistyo also raised the possibility of a dual-listing after Indonesia, but said a decision on where hasn’t been made. Go-Jek is yet to appoint an underwriter for the plan.

Bankers have listed Go-Jek’s potential IPO as a key float to track in Asia’s ride-hailing and mobile payments market, which has caught the attention of global investors.

Go-Jek raised a higher than targeted $1.5 billion in a fundraising round from several investors including Google, Temasek Holdings and Chinese technology giants Tencent Holdings and JD.com Inc, sources said last month.

The latest round of investments valued Go-Jek at about $5 billion, the sources said.

Source: Reuters

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