The company is considering all options, including an initial public offering and a deal with a special purpose acquisition company, he said.
GoTo will pursue a listing by the end of 2021, with a goal of having its shares traded in both Jakarta and the U.S., Tokopedia President Patrick Cao told reporters. “We are creating probably the first platform in the world that combines very distinctive platforms - e-commerce, on-demand and financial services - into one larger ecosystem.” “It’s a union of equals,” Gojek co-Chief Executive Officer Andre Soelistyo, who will head the combined app giant, said during a media conference via Zoom.
The two companies together were valued at about $18 billion during their merger talks, with Gojek shareholders set to receive 58% of the new entity’s ownership and Tokopedia holders the rest, people familiar with the matter have said. as so-called super apps gain popularity in Southeast Asia, a region of more than 650 million people. Gojek and Tokopedia are betting a larger size will help them better compete against rivals such as Sea Ltd. The startups said Monday they will form a holding company called GoTo through a deal backed by shareholders including Google and Alibaba Group Holding Ltd., without providing a valuation. The combined entity is set to form a powerhouse in the world’s fourth most-populous nation, encompassing businesses from car-sharing and fintech to online shopping and delivery. (Bloomberg) - Ride-hailing and payments giant Gojek agreed to combine with e-commerce pioneer PT Tokopedia to create the largest internet company in Indonesia, before seeking a stock-market debut at home and in the U.S.
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