Two unicorns from Indonesia, Gojek and Tokopedia, have officially merged into GoTo. The large investors who hold GoTo shares are not from Indonesia. GoTo ‘s largest shareholder are SoftBank from Japan and Alibaba Group from China.
Quoting from the Nikkei Asia Review, Gojek owns 58% of GoTo’s shares. Meanwhile, the remaining 42% belongs to Tokopedia.
The SoftBank Group holds 15.3% shares. Furthermore, 12.6% of shares belong to Alibaba Group Holding.
Meanwhile, domestic players such as Elkomsel, Astra International, and Google bought under 10%.
GoTo will conduct an initial public offering (IPO) on the stock exchanges of the United States (US) and Indonesia. The valuation of both is around US $ 40 billion like Grab. A Nikkei Asia Review source said that the IPO will in Indonesia first.
“GoTo is a large company with a large employee base and a sophisticated and very complex operation, so there is a lot of integration work to do before the IPO,” said the source.
“Companies will work very hard on post-merger integration, and then prepare for dual listings. I really hope this will happen in 2021, but they have a lot of work to do.”
GoTo is said to prefer an IPO directly instead of using a blank check company vehicle or SPAC. However, if you change your mind and want to enter the stock market using SPAC, the company may ask for help from the third largest shareholder, Radiant.
The company is associated with Hong Kong billionaire Richard Li. Radiant controls 4.7% of GoTo. The two companies share the same Hong Kong address, as GoTo lists it in its filing.
Until this news was published by Nikkei, Richard Li’s representative in Hong Kong who was contacted did not provide comment.